Technicolor appoints Richard Moat as CEO, confirms H2 outlook

News Video Global 6 NOV 2019
Technicolor appoints Richard Moat as CEO, confirms H2 outlook

Technicolor has announced the appointment of Richard Moat as CEO, succeeding Frederic Rose. Moat joins Technicolor from Eir Ireland, where he became CFO in 2012, was then promoted to CEO, and most recently covered the position of non-executive director. He previously held several executive roles, as deputy CEO of EE in the UK and at the helm of businesses including T-Mobile UK, Orange Romania, Orange Denmark, and Orange Thailand.

Technicolor said that Moat had a significant track record in turnarounds and would bring to the company his experience in driving change, while maintaining strong financial discipline.

The announcement coincided with the release of a trading update, providing a qualitative account on third-quarter performance. Technicolor said that adjusted EBITDA and free cash flow improved compared to last year, despite slightly lower sales at constant exchange rates. Looking forward, the company confirmed its main objectives of supporting organic growth in Production Services and completing the transformation programme in Connected Home.

Based on a "solid" third quarter, Technicolor has left the business outlook unchanged for the second half of the year, for which it expects to report a significant improvement in profitability and cash flow generation.

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