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Alexander Fonseca leaves Altice

Alexander Fonseca leaves Altice

After nearly ten years, Grupo Altice's CEO has just announced that he has reached an agreement with the company. NOVO learns that the Portuguese director is leaving the telecom company with “very advantageous” compensation. He added, on social media, that “a new phase will be followed by new challenges,” without specifying the roles he will assume in the near future.

At the age of 49, and after more than ten years as part of the group, the last of the six leading companies of Altice – Portugal, since 2017, of which he became President in April 2022 and at the same time International Co-CEO of the telecommunications company -, communication has reached a higher level. The end between Alexander Fonseca and Altice. The Portuguese manager has just made the announcement on his social networks. “I would like to inform you that I and the Altice Group have reached an agreement that brings an end to a relationship that has lasted for more than a decade, to which I put all my commitment and dedication and offered profound cooperation. A new phase with new challenges will follow,” he said on his page on X, Facebook and LinkedIn.

The group's international co-CEO and chairman of Altice Portugal for a year, who suspended his duties after searches within the framework of Operation Picoas, brings an end to a decade at the helm of Meo's owner, and has not yet revealed what his new position will be what he will do or in which company. He will, nor the circumstances under which he will leave Altice.

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However, NOVO understands that the Portuguese manager reached a “very advantageous agreement” with the telecom company, a source linked to the operation revealed, making it clear that the internal audit completed a month ago was “conclusive as to the manager’s good practices” throughout. A time when he led the company's fortunes in executive roles.

Novo also learns that among the reasons now driving the final voluntary removal of Alexander Fonseca is disagreement with the strategy of the group led by Patrick Drahi, Including potential write-downs or sales of assets in Portugal.

Legacy of growth

Chosen to lead telecoms in Portugal in 2017 (he had already worked at Cabovisão and ONI, in the PT world), he recalls that under Alexandre Fonseca's management Altice Portugal was able to reverse declines and expand the telecoms business.

During his five years as CEO, the Portuguese manager turned a 5% revenue decline into revenue growth of around 11% per year, to €2.6 billion, with EBITDA going from a 4% decline to a 5% expansion. . He reached over 900 million in the year he left his executive position. Also under his management, the total number of clients reached around 30 thousand per year, earning Altice Portugal more than half of the new contracts signed, and becoming a leader in all services.

Having managed to stabilize the company's labor relations and replenish the staff, when Alexander Fonseca ceased his position as CEO, he increased the number of direct and indirect employees by more than 60%, from 9 to 15 thousand workers, including new business areas such as Meo Energia, Meo Blueticket, Geodesia, Intelcia and FastFiber – the company that bought the fiber network. Also under his leadership, the sale of towers to Celnex was completed and Altice Labs inaugurated its investment, growth, margin and geo diversification expansion, including setting up labs in different parts of the country, leveraging the investment by around 500 people. million euros annually, about 15% of which is allocated to innovation and development.

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Operation PECOAS without “material impact” in Portugal

In March 2022, Alexandre Fonseca was appointed International Co-CEO of the group, remaining as head of the Portuguese arm, now under the leadership of Ana Figueredo.

In July 2023, following the ongoing investigation into Operation PICOA – whose defendants include Altice co-founder Armando Pereira, his partner Hirani Vaz Antunes, his daughter, Jessica Antunes, and Álvaro Gil Lourero, a director of companies identified as key to Operation PICOA. In case of suspicion of corruption – the director decides to suspend all positions. “By suspending himself from executive and non-executive functions, Alexandre Fonseca unequivocally intends to protect the interests of the Altice Group, and all its brands, in a public process where, apparently, actions should be investigated which occurred during the period in which he carried out the executive duties of Chairman of Altice.” Portugal,” said a statement issued by the company.

The name of Alexander Fonseca, the target of the searches, was not mentioned in this operation, and his position received praise from Altice for the “responsible action” he took “on the path to fully clarifying the truth.” The company also conducted an internal audit, which was completed in mid-November and whose results were not disclosed. The group limited itself to confirming that “it is not expected” that the case would have a “material impact on the accounts” and that Altice and Portugal present themselves as “a victim of this case.” In her humiliating situation.” He also noted that “the potentially involved suppliers represent approximately less than 2% of Altice France's total costs and less than 6% of Altice International's total costs (mainly in Portugal)”, were removed and more control mechanisms were created. To improve procedures.

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