on SOLOCAL (EPA:LOCAL)
Ycor Becomes Solocal’s Controlling Shareholder and Maurice Lévy Appointed Chairman and Chief Executive Officer
Solocal Group announced the completion of its financial restructuring, marked by a major debt reduction and a stronger balance sheet. This significant development paves the way for sustainable growth and profitability.
Maurice Lévy has been appointed as the Chairman and CEO. Ycor, a company owned by Lévy and his family, has become the controlling shareholder, holding over 21 billion shares.
Lévy emphasized the importance of re-organizing the company to improve efficiency and success. Solocal aims to leverage its exclusive assets and talent, combined with Ycor's AI expertise, to become a leader in France's local digital market.
The Board of Directors has been strengthened with new members, including experts in AI and corporate finance. The Executive Committee also saw new additions, indicating a strategic move to bolster leadership.
Upcoming changes include a reverse stock split and the publication of the company's first-half results for 2024, signaling a new phase of growth and innovation for Solocal.
R. P.
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