Combes

France-based telecoms and cable group Altice announced the resignation of CEO Michel Combes (pictured), as the company’s founder Patrick Drahi reasserts his power following a poor performance in Europe.

Altice dropped its offer to buy out minority shareholders in French operator SFR, after the move was surprisingly blocked by stock market regulator AMF.

Former Alcatel-Lucent CEO Michel Combes has seen his departure package from the company cut by almost half following a public outcry over the proposed €13. 7 million payout.

UPDATED 2. 20PM: Michel Combes is facing scrutiny over a bumper compensation package he is due following his departure as Alcatel-Lucent CEO, with France’s financial regulator AMF stating it will look into the matter.

Numericable SFR’s incoming chairman Michel Combes said he does not intend to launch a new price war in France, as his appointment at cable to mobile group Altice was confirmed.