Latest news with #Jean-FrançoisFallacher
Korea Herald
5 days ago
- Business
- Korea Herald
Hanwha offloads Eutelsat stake as Starlink rival seeks new investors
South Korea's Hanwha Systems said on Thursday it was selling its entire 5.4 percent stake in Eutelsat for 77.6 million euros ($88.5 million), as the Franco-British satellite operator seeks new investors. Eutelsat has garnered unprecedented attention this year from governments looking for home-grown alternatives to SpaceX's Starlink for satellite internet connectivity. The company is working on a new financing plan to fund the second generation of its low Earth orbit (LEO) OneWeb satellites and to fulfil commitments to the European Union's IRIS² project. It has piled up hundreds of millions of euros in losses, particularly from its waning video business, while its 2023 acquisition of OneWeb has yet to yield the results it had hoped for due to competition and delayed deployment of technology. Finance chief Christophe Caudrelier said in May that Eutelsat was looking for capital investors. Hanwha's shares were offered at 3.00 euros ($3.42) apiece, representing a 13.9 percent discount to Eutelsat's closing price of 3.48 euros on Wednesday, a term sheet from bookrunner Citi showed. It also marks a steep 70.5 percent loss on Hanwha's initial $300 million investment made in OneWeb in 2021, with the stake now valued at just $88.5 million. Eutelsat's Paris-listed shares fell 14.8 percent by 0920 GMT. Only 21 percent of Eutelsat's shares are publicly traded, making the stock prone to sharp price swings. However, the yield on its 2029 9.75 percent bond fell to 7.71 percent, showing a positive shift in bondholder confidence. Hanwha said the sale, which was set to be concluded on Thursday, was not driven by an investment perspective but by a strategic shift to focus more on its core business operations. "This decision reflects a long-term strategy to concentrate on defense-related satellites and military communications, rather than on civilian satellite operations and services," Hanwha said in a statement to Reuters. A representative for the South Korean company resigned from Eutelsat's board in April, signalling its diminishing involvement with the satellite operator. Major overhaul When asked by Reuters, Eutelsat said none of the other shareholders had expressed interest in selling their shares. A company spokesperson declined to comment on media reports saying France may raise its stake in the group. Bloomberg News and The Telegraph have reported that France is considering doubling its stake in Eutelsat and is in talks to raise 1.5 billion euros. Eutelsat is also reshuffling its upper echelons. In a surprise move last month, it appointed Jean-François Fallacher as its new CEO and it is looking for a new chairperson after the current one announced his departure in February. Hanwha became a shareholder in OneWeb before it merged with Eutelsat, and it is one of OneWeb's distributors in South Korea as part of an agreement signed in 2023 with the aim of securing LEO communications for the government and providing internet access to underserved areas. Last week, South Korea's Science Ministry granted licenses to Starlink and Eutelsat OneWeb to operate in the country, with services expected to be launched soon.
Broadcast Pro
05-05-2025
- Business
- Broadcast Pro
Eutelsat appoints Jean-François Fallacher as new CEO
Jean-François Fallacher succeeds Eva Berneke, who has steered the company since January 2022. Eutelsat has announced the appointment of Jean-François Fallacher as its new Chief Executive Officer, marking a strategic leadership transition as the company enters a new phase following its merger with OneWeb and prepares for its role in the upcoming EU IRIS2 constellation project. The decision was made during a Board Meeting on May 4, 2025, based on the recommendation of the Nomination and Governance Committee. Fallacher will officially assume the role on June 1, 2025. A highly experienced executive in the telecommunications sector, Fallacher joins Eutelsat after a long tenure at Orange, where he most recently served as Executive Vice President and CEO of Orange France. His international leadership experience spans several key markets, having previously led Oranges operations in Spain, Romania and Poland. Earlier in his career, he held senior roles at Wanadoo Netherlands and Sofrecom, bringing a blend of expertise in R&D, sales and operations. Fallacher holds degrees from Ecole Polytechnique and Ecole Nationale Supérieure des Télécommunications in Paris. Fallacher takes the helm from Eva Berneke, who has led Eutelsat since January 2022. Under her leadership, the company achieved several transformative milestones, including the high-profile merger with OneWeb in 2023creating the worlds only combined LEO (Low Earth Orbit) and GEO (Geostationary Orbit) satellite operator. Berneke also oversaw Eutelsats designation as a core partner in the EU's forthcoming IRIS2 multi-orbit constellation and led the innovative divestment of its passive ground segment, a first among satellite operators. Dominique DHinnin, Chairman of the Board of Directors of Eutelsat, commented: 'On behalf of myself, Vice-Chairman Sunil Bharti Mittal, and the other members of the Board, I warmly thank Eva Berneke for her dynamic and committed leadership through these significant milestones in Eutelsats development and for delivering on our telecoms pivot strategy, in a period that has seen significantly increased competitive and geopolitical pressure. 'I am delighted to welcome Jean-François Fallacher as he picks up the baton from Eva. With his proven track record of success and wealth of experience and expertise, I am convinced he is the right leader to take Eutelsat forward and successfully steward the company through the opportunities and challenges which will undoubtedly present themselves in the coming years.' Jean-François Fallacher said: 'I am excited to be joining Eutelsat at such a pivotal moment in its history. Technology is evolving faster than ever, and in todays increasingly complex geopolitical context, satellite networks have become a key element in the Connectivity landscape. I am convinced Eutelsat has the fundamentals to be a winner in this environment, and I look forward to building on Evas foundations, and working with its talented teams to ensure we achieve our goals.'
Wall Street Journal
05-05-2025
- Business
- Wall Street Journal
Eutelsat Appoints Jean-François Fallacher as New CEO
Eutelsat ETL -6.00%decrease; red down pointing triangle appointed Jean-François Fallacher as its new chief executive officer, amid growing interest within the European Union for alternative satellite systems to Starlink. The French satellite operator said Monday that Fallacher's appointment will be effective on June 1.
Reuters
05-05-2025
- Business
- Reuters
Eutelsat appointed Jean-François Fallacher as new CEO
May 5 (Reuters) - French satellite telecommunications operator Eutelsat appointed Jean-François Fallacher as its new chief executive from June 1. The former CEO of Orange France will succeed Eva Berneke, after two years at the head of the company. "This appointment comes as a natural change that fully aligns Eutelsat to the telecom ecosystem," the company said.
CNA
05-05-2025
- Business
- CNA
Eutelsat appointed Jean-François Fallacher as new CEO
French satellite telecommunications operator Eutelsat appointed Jean-François Fallacher as its new chief executive from June 1. The former CEO of Orange France will succeed Eva Berneke, after two years at the head of the company. "This appointment comes as a natural change that fully aligns Eutelsat to the telecom ecosystem," the company said.
