Richard Moat was spared nothing. He became the head of Technicolor in November 2019 and had only a few months to fulfill his mission: to save the group from bankruptcy. Just a few months to complete the capital increase of 425 million euros. “The company was successful, it just needed to be recapitalized,” the businessman assures today. The last accidental operation was completed when a pandemic broke out in Paris, where the headquarters are located, a stone’s throw from City Hall.
As the borders gradually open, Richard Moat will be able to complete his work and continue cutting old Thomson, a project he introduced to investors last February: on the one hand, animated cinema and effects specials, grouped at Technicolor Creative Studios (TCS), which will IPO in the third quarter of 2022. On the other hand, everything else: connected households, boxes for cable operators – Comcast in the United States or Bouygues Telecom in France -, production of vinyls and DVDs. In short, the current TCH listed on the Paris Stock Exchange.
Kill the team
A small problem: a fracture of the tibia after a bad fall on skis has recently limited Richard Moat’s movements a bit. But man is a strange animal. At the age of 67, he gained a reputation as a restructuring specialist. The holder of Irish and British passports has rushed everywhere from Dublin to Bangkok through Bucharest, especially in the world of telecommunications.
“We are in good shape at the IPO.” Richard Moat, CEO of Technicolor.
In particular, it reorganized operators in the United Kingdom and Denmark, then in the Irish Eir, in a state of bankruptcy, and then in 2017 handed over control to Xavier Niel. “I have a set of tools to transform a business and make it profitable,” he said. He came to Technicolor with a strong team: Tim Spence, who accompanied him on his previous restructurings; David Holliday, an old acquaintance, a telecommunications veteran; as well as a cost reduction specialist who supported him in Ireland.
Despite a planetary arrest and a small medical incident, Richard Moat piloted the change at a very high speed and managed to raise the bar. He even managed to re-engage financial analysts who turned away from value, tired of repeated rescue operations launched over the past twenty years, to try to keep the company alive. As early as March 2021, the research firm Kepler Cheuvreux published an analysis welcoming the work of the new management team: “We consider Technicolor an interesting story of transformation, as the group has secured its financial structure and taken significant cost reduction measures. base, “the analyst wrote.