The CEO and the consumer director are replaced. They make disappointing commercial performance costs.
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Again on vacation for many of them, SFR employees will discover a new management at the start of the school year. Patrick Drahi, the owner of the telecom operator, announced Tuesday August 23 at the end of the day, in a “note to the employees” sent by email, departures, “workforce from this day”, of the CEO, Grégory Rabuel, and Fabien Costa, Executive Director of Consumer Public Activities of the operator.
Faithful of Patrick Drahi, Grégory Rabuel was a historic framework of the group: who entered Numericable in 2004 as customer director, he had gradually climbed all the levels of the cable operator. After the takeover of SFR in 2014, Patrick Drahi had chosen it to direct the operator’s consumer activities, the heart of the reactor, before appointing it CEO in July 2021.
In his rating to employees, where he evokes a decision of a “mutual agreement”, Patrick Drahi “warmly thanks and friendly Grégory for the colossal work carried out in recent years”. On the other hand, no comments accompanies the “end of functions” of Fabien Costa. He too had only been in this position for a year. Grégory Rabuel is replaced by Mathieu Cocq, currently Executive Director Overseas and present at SFR since 2013. Eric Pradeau takes up the functions of Fabien Costa.
The note to employees does not reveal the reasons for this sudden double departure. But, according to a union source, the duo is paying the price for poor SFR commercial performance in recent months. The 7.4 % increase in turnover in mobile in the second quarter of 2022 is the integration of Coriolis and Syma, two virtual operators (MVNO) acquired last May. Without it, Creditsights financial analysts estimate that quarterly turnover would have dropped by 2 % in the mobile.
the head elsewhere
In the fixed (fiber and ADSL), income was crumbled by 0.8 %. SFR has lost fiber and ADSL customers for almost a year and a half in an almost continuous way while its three competitors (Orange, Bouygues Telecom and Free) win every quarters. Logically, this erosion of income weighs on profits. After a fall of 3.6 % in the first quarter, the gross operational result of the Altice Europe telecom branch further degraded by 0.1 % in the following three months, despite the positive effect on the costs of the plan voluntary departures launched in 2021. The purchase of the two MVNOs also weighed on the profit.
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