FT CEO may step down under government pressure
The French government is pressuring France Telecom CEO Michael Bon to step down amid ever-growing financial problems at the debt-laden national carrier, French newspapers are reporting.
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France Telecom is reeling under $60 billion in debt, and adding more pressure to Bon are reports that FT may take a record $9.9 billion to $14.9 billion loss for the first half of the year if it writes down the value of its assets.
Citing unnamed sources, Le Monde on Friday reported that top government officials, including President Jacques Chirac, are arguing over whether the government should demand Bon’s resignation. The news comes as the government is considering issuing equity in the carrier to raise funds so FT can meet its debt obligations. The government owns a 55% stake in FT.
The FT board meets on Thursday, the day before its first half of 2002 results will be made public.
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