TP Shakes Up Leadership as Revenue Growth Slows
Event summary
- TP appoints Jorge Amar as Group CEO, replacing Daniel Julien and Thomas Mackenbrock effective March 15, 2026.
- 2025 revenue up +1.3% like-for-like excluding hyperinflation effect, but reported -0.7%.
- Core Services revenue grew +2.7% LFL, while Specialized Services declined -9.3% LFL due to contract non-renewal.
- Group recurring EBITA margin at 14.8%, with net free cash flow of €901 million.
- Board co-opts four new members, including two independent directors.
The big picture
TP's leadership overhaul comes as the company navigates slowing revenue growth and a strategic shift toward AI-driven customer operations. The appointment of Jorge Amar, a McKinsey veteran with deep expertise in AI-native customer operations, signals a focus on accelerating digital transformation. The company's 'Future Forward' plan aims to drive efficiency gains and enhance client offerings amid a challenging market environment.
What we're watching
- Execution Risk
- Whether Jorge Amar can accelerate the 'Future Forward' strategic plan and deliver €100M+ in run-rate savings.
- Market Dynamics
- How TP's AI-native customer operations will compete in a volatile US business environment.
- Financial Strategy
- The pace at which TP can return to mid-single digit revenue growth by 2028.
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