Nexans Faces Turmoil Amid Management Shakeup

13 days ago

Speaker

"Yeah. So it's a surprise exit of the CEO effective immediately. JP Morgan said that the management shakeup came as a big surprise because it comes just a couple of months after the announcement that the deputy CEO and the CFO would be stepping down as well. They said that the outgoing CEO had been an outspoken leader who had completely transformed the equity story of Nexans. So his departure is not really welcomed. JP Morgan analysts also said that the new CEO, Julia Huber, is a new face and they don't really know how she is going to perform. Just last week the company got downgraded by BNP Paraba with the analyst saying they expect a massive deceleration of earnings growth from next year."

The segment reports a sudden and unexpected CEO exit at Nexans, coming soon after further top management departures. Analysts from JP Morgan express uncertainty over the new CEO's ability to continue the previous strong equity story, and a recent downgrade by BNP Paraba has raised concerns over a significant slowdown in earnings growth. The overall sentiment suggests mounting turmoil and a bearish outlook for Nexans.