Millicom (Tigo) announces changes to its Board of Directors
Rhea-AI Summary
Millicom (NASDAQ: TIGO) announced changes to its Board of Directors on September 24, 2024. Thomas Reynaud and Aude Durand have stepped down from their roles as board members, effective immediately. The Board, maintaining its composition of eight directors, has unanimously appointed Jules Niel and Pierre-Emmanuel Durand as interim members until the next annual general meeting.
Reynaud and Durand's departure coincides with changes in Millicom's leadership and governance, as well as their increased commitments to Iliad group companies. The Board expressed gratitude for their contributions over the past 18 months, during which Millicom achieved significant improvements in its results.
Jules Niel, born in 2000, is an Investment Associate at NJJ Telecom Europe, while Pierre-Emmanuel Durand, born in 1990, serves as an Investment Director at NJJ Telecom Europe and Atlas Investissement. A Nominations Committee will be formed to propose new board members for election at the next annual general meeting.
Positive
- Board maintains its composition of eight directors, ensuring continuity in governance
- Appointment of two new interim board members with relevant industry experience
- Acknowledgment of significant achievements and major improvements in Millicom's results over the past 18 months
Negative
- Sudden departure of two board members, potentially disrupting board dynamics
- Loss of experienced board members with connections to major telecom companies (Iliad, Tele2, Monaco Telecom)
News Market Reaction
On the day this news was published, TIGO declined 1.88%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Millicom (Tigo) announces changes to its Board of Directors
Luxembourg, September 24, 2024 – Millicom (NASDAQ: TIGO) (the “Company”) announced today that Thomas Reynaud and Aude Durand have stepped down from their roles as members of the Millicom Board of Directors (the “Board”), with immediate effect. The Board, which will continue to be composed of eight directors, has unanimously appointed Jules Niel and Pierre-Emmanuel Durand as interim members of the Board, until the next annual general meeting of Millicom shareholders.
Mr. Reynaud joined Millicom’s Board of Directors in May 2023, and Ms. Durand joined Millicom’s Board of Directors in February 2024. They announced their departure in conjunction with several changes to Millicom’s leadership and governance, as well as their increased commitments among Iliad group companies. Mr. Reynaud is the Chief Executive Officer of Iliad and the Chair of the Board of Directors of Tele2. Ms. Durand is the Deputy Chief Executive Officer of Iliad and a member of the Boards of Directors of Tele2 and Monaco Telecom.
“The Board of Directors of Millicom thank Thomas and Aude for their contributions to Millicom over the past eighteen months. During that time, they contributed to significant achievements and a major improvement in Millicom’s results. They will continue to be part of the extended Millicom family, and we wish them the best in their other roles.”
Jules Niel, born in 2000, is a French citizen who since 2023 has served as an Investment Associate at NJJ Telecom Europe, the holding company for telecom operators Eir in Ireland, Salt in Switzerland, and Monaco Telecom Group. He also oversees operations at the French media group Nice-Matin. Prior to this, he worked in the Global Advisory (M&A) division at Rothschild & Co in Paris.
Pierre-Emmanuel Durand, born in 1990, is a French citizen who has served as an Investment Director at NJJ Telecom Europe and Atlas Investissement since 2018, focusing primarily on financial controlling, M&A, financing and business development activities. He was previously a Manager in the Transaction Services team at KPMG Paris, working on financial due diligence for corporate clients and private equity firms. He is also a member of the Boards of Directors of Salt Mobile, Eir, Epic Cyprus and Epic Malta.
A Nominations Committee will be convened and work to submit a proposal for election of members of the Board to the next annual general meeting of Millicom shareholders.
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For further information, please contact:
| Press: | Investors: |
| Sofia Corral, Director Corporate Communications press@millicom.com | Michel Morin, VP Investor Relations investors@millicom.com |
About Millicom
Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile telecommunications services in Latin America. Through our TIGO® and Tigo Business® brands, we provide a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, high-speed data, voice, and business-to-business solutions such as cloud and security. As of June 30, 2024, Millicom, including its Honduras Joint Venture, employed approximately 15,000 people, and provided mobile and fiber-cable services through its digital highways to more than 45 million customers, with a fiber-cable footprint over 14 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg.
FAQ
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