Patrick Drahi has moved to regain control of French telecommunications company Altice, which operates pay-television broadcaster SFR Sport, following a significant reduction in the firm’s share price triggered by a profit warning issued earlier this month.
The developments have resulted in the resignation of Michel Combes, Altice chief executive. Drahi has been appointed president of the board of Altice and will set out the strategic, operational, commercial and technological agenda for the group and its execution, including in particular SFR Group. Key members of Altice management will report directly to him.
As part of a sweeping management restructure, Dexter Goei will be appointed as chief executive of Altice, while continuing to focus on activities in the US as chief executive and chairman of Altice USA. In addition, Goei will assume responsibility for key central group functions.
Dennis Okhuijsen has been appointed Altice Europe chief executive in addition to serving as chief financial officer of Altice. Alain Weill, SFR Media chief executive, has been appointed SFR Group chairman and chief executive, and Altice Media chief operating officer.
Weill will continue to lead the media business across the group and implement Altice’s content and media convergence strategy in France.
On November 2, Altice issued a profit warning after stating it is managing net debt of €49.6bn ($57.5bn).
Altice said in a statement: “This structure represents a return to the core organisation that created the success of the Altice Group. It will provide direct, clear leadership of the European operations to deliver on its potential and continue to support Altice USA.”
Drahi added: “Michel has been an important part of the Altice story when he first joined the board of Altice. He provided key support and judgment as we developed our expansion strategy. As CEO, Michel critically created the group structure to operate a transatlantic communications business while driving key technology, research and innovation initiatives, which will serve Altice for the future. I would like to personally thank him for his contribution, integrity, loyalty and friendship.”