(Reuters) – Alstom said on Wednesday it was launching an asset disposal program and considering a capital increase, as part of a series of efforts to ease investor concerns about its debt.
The French railway equipment specialist also indicated that Henri Poupart-Lafarge will leave his position as chairman of the board of directors while retaining his role as general manager. Alstom’s board of directors will propose appointing Philippe Petitcolin, former general manager of Safran, to the position of president.
Alstom’s management has been under pressure since the group significantly downgraded its annual FCF forecast in October.
“Alstom’s negative free cash flow during this first half constitutes a clear call for change. Although demand remains at a sustained level, despite some volatility, our commercial performance has been weak,” declared Henri Poupart-Lafarge in a press release.
The company announced a plan to reduce its debt and secure its medium-term objectives, notably announcing its intention to eliminate around 1,500 positions.
Alstom will propose not to pay a dividend for the current fiscal year.
(Report by Olivier Sorgho, by Augustin Turpin)
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