Drahi Retakes Control of Altice as CEO Quits Amid Debt Woes
- Billionaire returns to active management amid debt concerns
- Stock has lost a third of value in the course of a week
Patrick Drahi
Photographer: Ivan Guilbert/Bloomberg
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Billionaire Patrick Drahi reasserted himself at the helm of Altice NV, taking direct control of the phone and cable company he founded after a harrowing week that saw one-third of the company’s market value vanish.
Chief Executive Officer Michel Combes resigned after a little more than a year in the job, the company said in a statement late Thursday. Dexter Goei will return as CEO, while remaining in charge of the company’s U.S. unit. Chief Financial Officer Dennis Okhuijsen will lead the European operations. They will report directly to Drahi, who becomes president of the board.