It is a paradox. Michel Combes, the current CEO of Vodafone Europe will become CEO of SFR and board member of Vivendi from August 1, 2012. Jean-Bernard Lévy, Vivendi's chief executive who assumed the interim of Frank Esser arrived in late March, has finally chosen the man who best knows the file. And for good reason! It is precisely Michel Combes, who just last year, sold at high prices to the 44% Vivendi Vodafone's shareholding in SFR. Since 2008 and became head of European operations of British mobile giant, Michel Combes was also a director of SFR. He proceeded to examine every angle SFR.
Shortly after the departure of Frank Esser, Vivendi launched a search to find a replacement. And soon the name of Michel Combes has surfaced. It is a great French telecom specialist for the financial director of France Telecom in 2003 before becoming the right arm of Didier Lombard until 2006. But it is also a leader who has acquired an international dimension to the head of Vodafone Europe since 2008 low fee pay day loans. Meanwhile, the X Telecom 50 years, known for his enthusiasm and hyperactivity, led TDF, the technical broadcaster of television and radio and wireless mobile telecom. His brief tenure as head of TDF was marked by the construction of an ambitious business model that attracted the new shareholders of TDF, the TPG, Axa Private Equity and the CDC.
At the head of SFR, Michel Combes will have to implement the plan to win back customers attracted by offers Free Mobile. It will also improve profitability of the mobile operator heavily affected by the general decline in package prices. In 2012 and 2013, the EBITDA of SFR should decline by 15%. A challenge for Vivendi, who paid € 8 billion to acquire the entire share capital of SFR few months before the arrival of Free Mobile market. The destruction of value for Vivendi would be valued at nearly $ 2 billion.
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