Altice Portugal in executive shakeup
The CEO of telecommunications company Altice Portugal, Ana Figueiredo has carried out an executive clean sweep, removing both its financial and technological directors.
The decision has been made as the company is embroiled in a major corruption scandal that saw the suspension of several managers, staff and legal representatives in Portugal and elsewhere, while a police investigation into alleged corruption, tax fraud and money laundering at its Portuguese subsidiary has been ongoing.
Last week, Ana Figueiredo announced a new partial company reshuffle of its executive committee, ousting the financial and technological directors and appointing a director for its legal department.
The CEO said she had decided to restore confidence in the company’s senior management “after reflection” and a particularly critical moment for the company whose most valuable brand is MEO.
The police investigation known as Operation Picoas after the area in Lisbon where the company is headquartered in the Portuguese capital, took three years and exposed an alleged financial scheme involving Altice suppliers that damaged the company by millions of euros and led to the detention and questioning of Altice co-founder Armando Pereira.
The new financial director is Gonçalo Camolino, while the new technology director is José Pedro Nascimento. The new post of chief legal officer will be occupied by Sofia Aguiar.
“I believe that this new management team has the necessary skills and competence to meet the many challenges that Altice Portugal and the sector is facing”, said Altice Portugal CEO, Ana Figueiredo in a statement.