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Altran shares fall on shareholder bid for new CEO

Published 04/27/2011, 10:47 AM
Updated 04/27/2011, 10:52 AM

* Main shareholder Altrafin to propose new CEO

* Shareholders' meeting on June 10

* Shares down over 3 percent

PARIS, April 27 (Reuters) - Altran's main shareholder Altrafin Participations said it would propose the nomination of a new CEO at the next shareholders' meeting on June 10, sending the technology consultancy's shares lower.

The holding company, controlled by capital investment fund Apax, said in a statement it would propose the nomination of Philippe Salle as an administrator with a view to his being named CEO, replacing Yves de Chaisemartin.

Altrafin Participations owns 19.2 percent of the French technology consultancy and controls 31.2 percent of its voting rights.

"In the context of an exit from the crisis, Altran ... has all the necessary potential to change in dimension," said Altrafin Participations in a statement. "The new challenges to be faced lead Altrafin Participations to propose entrusting the leadership of the company to Philippe Salle."

By 1427 GMT shares were down 3.2 percent in strong volume, at 5.02 euros, while the Europe-wide tech sector index was up 2.1 percent.

Altran had no immediate comment.

"It's bad news because Yves de Chaisemartin was seen as the recovery man, and his replacement does not come from the world of information services," said a Paris-based trader.

However, he noted that Altran has some way to go on its road to recovery.

"The results are moving in the right direction but not fast enough and they (Altrafin Participations) think they have found the right person to get there," he said.

Salle, 45, has previously headed companies including Geoservices and Vedior, and has experience in consulting and research and development, Altrafin Participations said. (Reporting by Gwenaelle Barzic and Blaise Robinson; Writing by Helen Massy-Beresford; Editing by Jon Loades-Carter)

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