France Telecom SA unveiled a four-part, five-year plan aimed at reviving morale and putting Chief Executive Officer Stephane Richard’s stamp on the company.
The plan combines a mix of new and previously announced goals including a doubling of revenue from emerging markets and a two-billion euro investment in the domestic fibre network. Richard presented the strategy to reporters in Paris today.
France Telecom is looking for new direction after a series of suicides rocked the company and hastened the replacement of former CEO Didier Lombard. In April, Richard said the company would spend as much as 7 billion euros ($8.8 billion) on deals in Africa and the Middle East to boost emerging-markets growth.
“The group has set its sights on rekindling a spirit of conquest in its international development,” the company said in a statement. No “transformational” acquisitions are planned.
France Telecom shares rose 0.4 percent to 14.26 euros at 11:53 a.m. in Paris