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    SOI   FR0013227113

SOITEC

(SOI)
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Real-time Euronext Paris  -  05/27 08:50:59 am EDT
172.00 EUR   +2.38%
05/04Soitec on track to enlarge Silicon Carbide product portfolio with first 200mm SmartSiCTM engineered substrate 
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05/04Soitec on track to enlarge Silicon Carbide product portfolio with first 200mm SmartSiCTM engineered substrate 
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05/04Soitec on Track to Enlarge Silicon Carbide Product Portfolio with First 200Mm SmartSiCTM Engineered Substrate
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Soitec says succession plan has 'full support' of main shareholders

01/21/2022 | 05:06am EDT

Jan 21 (Reuters) - Soitec's plan to appoint a new CEO has the "full support" of its main shareholders, the French semiconductor company said on Friday, after its executive committee questioned the decision.

Following Pierre Barnabé's appointment as CEO on Wednesday, the executive committee sent a letter to the board of directors, seen by Reuters, describing the move as "incomprehensible" given the progress made by current CEO Paul Boudre.

"The chosen successor of Paul Boudre, Pierre Barnabé, has the necessary skills and experience to lead Soitec as Chief Executive Officer for the next phase of growth towards our ambitious objectives," the group responded in a press release.

"The process, which began in March 2021, was conducted in complete conformity with best-practice governance standards and with the full support of Soitec’s main shareholders," it added.

A spokeswoman for Bpifrance, French state shareholder with a 10.35% stake, declined to comment on Friday, but referred to comments the day before by its chief executive in a interview with BFM Business.

In that interview, CEO Nicolas Dufourcq expressed surprise at the executive committee's reaction and said the process was conducted in a "completely normal" way.

Paris-listed shares in Soitec were up 1% at 0930 GMT, after plunging as much as 19% on Thursday, their worst day since December 2014.

Soitec's three others main shareholders, each with stakes of about 10%, are National Silicon Industry Group, BlackRock Financial Management and CEA Investment, according to Refinitiv data.

Barnabé, who is senior EVP, Group Security Officer and Global Head of Big Data and Cybersecurity at Atos, is due to join the company on May 1 and take over as CEO at the end of the July 2022 shareholders' meeting.

Chairman Eric Meurice and CEO Boudre "are committed to working together to ensure a smooth leadership transition enabling successful execution of Soitec's 2026 strategic plan," the group said. (Reporting by Kate Entringer in Gdansk Additional reporting by Blandine Hénault in Paris Editing by Mark Potter)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ATOS SE 0.24% 24.94 Real-time Quote.-33.46%
BLACKROCK, INC. 4.12% 652.44 Delayed Quote.-28.74%
NATIONAL SILICON INDUSTRY GROUP CO., LTD. 0.90% 22.43 End-of-day quote.-13.13%
SOITEC 2.44% 172 Real-time Quote.-21.93%
STMICROELECTRONICS N.V. 1.86% 37.055 Real-time Quote.-16.11%
All news about SOITEC
05/04Soitec on track to enlarge Silicon Carbide product portfolio with first 200mm SmartSiCT..
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05/04Soitec on track to enlarge Silicon Carbide product portfolio with first 200mm SmartSiCT..
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05/04Soitec on Track to Enlarge Silicon Carbide Product Portfolio with First 200Mm SmartSiCT..
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04/28TRANSCRIPT : Soitec S.A., Q4 2022 Sales/ Trading Statement Call, Apr 28, 2022
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04/27Soitec reports fy'22 fourth quarter revenue
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04/27Soitec reports fy'22 fourth quarter revenue
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04/27Soitec Provides Revenue Guidance for the Fiscal Year 2023
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04/27Soitec Reports Unaudited Consolidated Revenues Results for the Fourth Quarter and Full ..
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04/27Soitec Announces CEO Changes
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04/27SOITEC : 4th quarter earnings
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Analyst Recommendations on SOITEC
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Financials
Sales 2022 830 M 891 M 891 M
Net income 2022 165 M 177 M 177 M
Net cash 2022 23,6 M 25,3 M 25,3 M
P/E ratio 2022 34,0x
Yield 2022 -
Capitalization 5 862 M 6 288 M 6 288 M
EV / Sales 2022 7,03x
EV / Sales 2023 5,41x
Nbr of Employees 1 582
Free-Float 84,9%
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Technical analysis trends SOITEC
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 10
Last Close Price 168,00 €
Average target price 242,80 €
Spread / Average Target 44,5%
EPS Revisions
Managers and Directors
Paul Boudre Chief Executive Officer & Director
Léa Alzingre Chief Financial Officer
Eric Meurice Chairman
Ionut Radu Manager-Research & Development
Bernard Aspar Chief Operations Officer & Head-Global Business
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