Nov 15 (Reuters) - Alstom on Wednesday said it would cut jobs, sell assets and was considering a capital increase in a bid to boost its balance sheet and alleviate investor concerns over high debt.

"The negative free cash flow of Alstom during this first half is a clear call for change. While demand remains sustained, despite some volatility, our commercial performance has been soft," Chairman and CEO Henri Poupart-Lafarge said in a statement.

The train maker added that Poupart-Lafarge would step down as chairman, but remain chief executive. Alstom's board will propose Philippe Petitcolin - a former CEO of Safran - as a new chairman.

Alstom's management, and its shares, have been under pressure since the group issued a cash warning in October, fuelling investors' worries over debt. Traders said on Wednesday the stock was likely to open lower.

The maker of France's iconic TGV trains said it aimed to cut about 1,500 staff to help meet its confirmed mid-term targets.

Alstom plans to cut its net debt by 2 billion euros ($2.2 billion) by March 2025. As of Sept. 30, it had a net debt of 3.43 billion euros.

The group added it would propose that no dividend be paid for the current fiscal year. ($1 = 0.9199 euros) (Reporting by Olivier Sorgho in Gdansk; editing by Milla Nissi and Silvia Aloisi)