Faced with the loss of two million subscribers in two years and a colossal debt of 24 billion euros, the management of the operator in the red square is launching “Imagine SFR”, a mobilization plan which marks a break with the purely financial strategy of the Drahi years.
On Wednesday October 16, the Paris offices of SFR were the scene of an unusual internal communications operation. A “little red manifesto”, in reference to the operator’s emblematic color, was distributed to employees. This four-page document, requested by CEO Mathieu Cocq, symbolizes the company’s desire for profound transformation.
“Become again the preferred operator of the French by 2028″this is the ambition displayed by SFR. A goal that might seem utopian given current indicators. The figures are relentless: only two out of ten customers would recommend SFR’s services today, while six out of ten would actively advise against them. With a net promoter score of -7, the operator ranks far behind its direct competitors: Bouygues Telecom (+11), Free (+18) and Orange (+28).
This delicate situation is the legacy of a decade marked by the priority given to financial imperatives. Since the takeover by Patrick Drahi in 2014, the company has halved its workforce, prioritizing short-term profitability to the detriment of customer satisfaction. The arrest in July 2023 of Armando Pereira, close collaborator of Patrick Drahi, for alleged corruption, only accentuated the crisis of confidence.
Imagine SFR: a plan based on 5 pillars
To reverse the trend, management relies on five fundamental pillars : collaboration, audacity, commitment, excellence and customer obsession. “The last few years at SFR haven’t always been easy, but it’s the return of red”says Arthur Dreyfuss, CEO of Altice France, in The World. Concrete actions have already been undertaken, notably the simplification of offers and the strategic recruitment of experienced executives from the competition.
However, the challenges remain considerable. The titanic debt of 24 billion euros weighs heavily on the company’s investment capacities. The discussions started with the creditors during the summer have not yet been concluded, the positions of the parties remaining very far apart. Certainly, the recent sale of BFM-TV to CMA CGM for 1.5 billion euros offers a breath of fresh air, but it does not resolve the structural problems.
Furthermore, internally, reception of this transformation plan remains mixed. Employees, especially older ones, welcome these announcements with understandable skepticism. How can we trust management made up in part of the same people who led the company through its current difficulties?
The detailed presentation of the five strategic pillars before the central social and economic committee, scheduled for October 24 and 25, will be decisive. It will have to convince not only staff representatives, but also the markets and customers of the credibility of this recovery plan. And you, do you believe in SFR’s return to the top?
- SFR launches “Imagine SFR”, an ambitious transformation plan aimed at once again becoming the preferred operator of the French by 2028
- The company faces a colossal debt of 24 billion euros and has lost 2 million subscribers in two years
- The success of the plan will depend on management’s ability to convince employees and restructure its debt, while significantly improving customer satisfaction.
