11.20.19

Gemini version available ♊︎

Understanding Thierry Breton: What Thierry Did Next…

Posted in Europe, Finance at 9:40 am by Dr. Roy Schestowitz

Overview

Understanding Thierry Breton

Further parts pending review and research


Thierry Breton at Atos

Summary: “Whether by coincidence or not, when Atos announced in 2010 that it would acquire Siemens’ IT unit, it was the 32-year-old Macron at Rothschild who advised Breton on the deal.”

The wikipedia.org entry for Thierry Breton describes his departure from political office and his return to the world of private enterprise as follows:

“After two years of government service (2005–2007) he became in November 2008 the active chairman and CEO of Atos S.A., formerly Atos Origin. On the announcement of his nomination the share price, which was previously valued at 18 euros, rose by 7.84%.”

Well that’s nice to know, isn’t it?

“At the time of writing, the website is offline probably in an attempt to block any inquisitive researchers while Thierry’s candidacy for EU Commissioner is under scrutiny.”But what exactly was Thierry up to between May 2007 when he left Bercy and November 2008 when he moved into the CEO’s office at Atos?

According to Wikipedia, after leaving the government, Breton “briefly worked as professor at Harvard Business School (2007–2008) where he taught Leadership and Corporate Accountability (LCA).”

This is corroborated by the Financial Times report of 11 July 2007: “French finance minister heads for Harvard”.

Breton’s own website confirms the Harvard story. At the time of writing, the website is offline probably in an attempt to block any inquisitive researchers while Thierry’s candidacy for EU Commissioner is under scrutiny.

Thierry is offline
The website https://thierry-breton.com is currently inaccessible.
Is somebody trying to hide something?

However, with the help of Google’s web cache of the site we learn the following:

“Most recently, before joining Atos, he was a professor at Harvard Business School, teaching leadership and corporate accountability.”

“Thankfully we have the French establishment mouthpiece Les Echos to help us join the dots.”But there is a gap in the narrative. One small but interesting detail is missing…

Thankfully we have the French establishment mouthpiece Les Echos to help us join the dots.

In September 2007, Les Echos informed its readers that the former Minister for the Economy had taken up a position as a “senior advisor” with the renowned French bank Rothschild & Cie: Thierry Breton devient « senior advisor » chez Rothschild

Rothschild and Cie

At Rothschild & Cie, Breton was part of a team of three senior advisers that included the chairman of Rothschild’s German branch, Klaus Mangold, who from 2007 to 2019 sat on the board of directors of Alstom S.A., a French multinational company operating worldwide in rail transport markets, active in the fields of passenger transportation, signalling and locomotives.

Shortly after Breton moved to Rothschild & Cie, an up-and-coming boy-wonder by the name of Emmanuel Macron decided to leave the security of his civil service post at the Ministry for the Economy, to take up a more dynamic private sector job at the this prestigious financial institution.

“Whether by coincidence or not, when Atos announced in 2010 that it would acquire Siemens’ IT unit, it was the 32-year-old Macron at Rothschild who advised Breton on the deal.”Macron, a graduate of the elite ENA, had worked at the Inspection générale des finances (IGF), a key department of the Ministry for the Economy, between 2004 and 2007. This overlaps with Breton’s term of office as Minister so it’s a fair bet that their paths already crossed at some point during that time.

Whether by coincidence or not, when Atos announced in 2010 that it would acquire Siemens’ IT unit, it was the 32-year-old Macron at Rothschild who advised Breton on the deal.

In August 2014 Macron departed from the private sector to enter the political arena as Minister for Economy in the Socialist government of Prime Minister Manuel Valls.

We will revisit the Macron connection later on but for the moment let’s stick with Breton’s post-ministerial business career at Atos.

In 2008 Atos had 50,000 employees and generated a sales revenue of € 5.5 billion but according to Breton it was “managed too compartmentally” and the company’s inferior profitability margins relative to its competitors required a complete transformation plan.

It was another golden opportunity for the “turnaround king” to flex his managerial muscles.

In July 2011, with a little help from his “friends” at Rothschild & Cie, Breton orchestrated the acquisition of the IT activities of German industry group Siemens.

“It was another golden opportunity for the “turnaround king” to flex his managerial muscles.”This elevated Atos to rank number one among the European IT services players and in the Top 5 worldwide, with 75,000 employees in 42 countries.

The deal, valued at € 850 million, was the biggest Franco-German transaction since an alliance between Germany’s premium carmaker Daimler and France’s Renault established in 2010. The move was greeted by the financial markets and the Atos share price rose by 11.6%.

With the integration of 28,000 Siemens employees Atos became one of the most important Franco-German industrial collaborations since Airbus, manifested by a financial partnership (Siemens took 15% of Atos’ capital), and a common investment fund of 100 million euros was created as well as a joint response to international tenders. This strategy was awarded the prize for Industrial cooperation by the Franco-German Chamber of Commerce and Industry.

In 2012 Breton adopted the Societas Europaea legal form for Atos which gave the company two headquarters, one in France and a second in Munich, Germany.

In parallel, he participated in other European institutional projects in which the Franco-German partnership played a central role such as the European Commission’s European Cloud Partnership (2012–2014) over which he co-presided with Jim Snabe, the joint CEO of the German software company SAP.

In May 2014 Breton initiated the takeover of French IT industry player Bull, where he had first made his mark as a “turnaround wizard” in the 1990s. The aim was to turn Atos into a global player in Big Data and Cybersecurity and to enable Atos to position itself in the supercomputing segment by becoming the sole European manufacturer of such equipment.

“This elevated Atos to rank number one among the European IT services players and in the Top 5 worldwide, with 75,000 employees in 42 countries.”Six months later Atos announced the acquisition of Xerox’s IT outsourcing activities along with a strategic partnership with the American company. This operation made Atos one of the five largest digital companies in the world.

Within the space of six years the company had doubled in size to a headcount of around 100,000 employees.

By May 2015 the company’s market capitalization had risen to € 7.29 billion euros, an increase of more than € 5 billion compared with November 2008 when Breton took over as CEO. The market share price of Atos grew by 268% in five years.

But the success story of Atos has a darker side which is likely to be familiar to UK readers.

“But the success story of Atos has a darker side which is likely to be familiar to UK readers.”Along with other big corporate “service providers” like Serco, G4S, Capita, Amey and Carillion, Atos was one of the main beneficiaries of government largesse in the area of public service “outsourcing” during the late 1990s and the first decade and a half of the new millenium.

In the next part we will take a look at how Atos became a toxic brand in the UK because of its dubious role in assessing disability benefit eligibility.

Share in other sites/networks: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • Reddit
  • email

Decor ᶃ Gemini Space

Below is a Web proxy. We recommend getting a Gemini client/browser.

Black/white/grey bullet button This post is also available in Gemini over at this address (requires a Gemini client/browser to open).

Decor ✐ Cross-references

Black/white/grey bullet button Pages that cross-reference this one, if any exist, are listed below or will be listed below over time.

Decor ▢ Respond and Discuss

Black/white/grey bullet button If you liked this post, consider subscribing to the RSS feed or join us now at the IRC channels.

DecorWhat Else is New


  1. Links 28/11/2021: Laravel 8.73 Released, GitHub Offline for Hours

    Links for the day



  2. IRC Proceedings: Saturday, November 27, 2021

    IRC logs for Saturday, November 27, 2021



  3. Links 27/11/2021: Nvidia’s DLSS Hype and Why GNU/Linux Matters

    Links for the day



  4. [Meme] Linus Gabriel Sebastian Takes GNU/Linux for a (Tail)'Spin'

    If you’re trying to prove that GNU/Linux is NOT Windows, then “haha! Well done…”



  5. GNU/Linux is for Freedom and It'll Gain Many Users When (or Where) People Understand What Software (or Computing) Freedom Means

    Software that respects people's freedom (and by extension privacy as well) is an alluring proposition; those who choose to try GNU/Linux for the wrong reasons are likely the wrong target audience for advocates



  6. Amid Reports of Microsoft's Competition Crimes in Europe...

    European companies are complaining, but they seem to overlook the principal aspect of an imperialistic system with bottomless pockets (almost 30 trillion dollars in debt already; US national debt soared again last month); Microsoft is shielded by a political system with military (“defence”) as bailout budget to help cushion international expansion for data grab and technical leverage, as we've seen in the case of EPO (this is all political, not technical, and should thus be treated as a political/corruption issue)



  7. Is Linus Trolling the GNU/Linux Community?

    This new video responds to what many sites have been provoked into amplifying



  8. Links 27/11/2021: Tux Paint 0.9.27 and SeaMonkey 1.1.19 in EasyOS

    Links for the day



  9. [Meme] Keeping Our Distance From Microsoft

    The OSI is the dagger, the Linux Foundation is the knife, and many others are the sword by which Microsoft tries to get into the very heart of GNU/Linux and extinguish the Free software movement



  10. Microsoft Edge Encourages Indebted Americans to Guilt-spend Just in Time for Christmas

    Guest post by Ryan, reprinted with permission



  11. IRC Proceedings: Friday, November 26, 2021

    IRC logs for Friday, November 26, 2021



  12. 38+ Years of GNU and 19+ Years of FSF Associate Membership

    “On November 25, 2002,” Wikipedia notes, “the FSF launched the FSF Associate Membership program for individuals.” As the above video points out, it all started almost 40 years ago.



  13. Gemini as a Platform for Gamers

    Contrary to what people often assume (or are led to assume), even without client-side scripting Gemini can accomplish a great deal; early adopters, many of whom are technical, test the limits of the very minimalistic (by design and intention) specification



  14. Improved Workflows: Achievement Unlocked

    Today we've completed a bunch of small projects that can make us more efficient (e.g. more Daily Links per day, more articles); the above video was recorded many hours ago to accompany the outline below



  15. Links 26/11/2021: New Complaint About Microsoft Competition Crimes in Europe, EuroLinux 8.5, GhostBSD 21.11.24, and Kiwi TCMS 10.5 Released

    Links for the day



  16. Links 26/11/2021: F35 Elections, Whonix 16.0.3.7, OSMC's November Refresh With Kodi 19.3

    Links for the day



  17. IRC Proceedings: Thursday, November 25, 2021

    IRC logs for Thursday, November 25, 2021



  18. IRC Proceedings: Wednesday, November 24, 2021

    IRC logs for Wednesday, November 24, 2021



  19. Links 25/11/2021: PHP 8.1.0 Released and Linux 5.15.5

    Links for the day



  20. IBM as Master of Hypocrisy

    Free software projects and Free software developers have long been humiliated by corporations of Western misogynists, falsely claiming that the Free software community isn’t inclusive enough (these are shameless projection tactics; as a matter of public record, the exact opposite is true) and even the eradication of supposedly offensive language isn’t something IBM takes seriously



  21. Links 25/11/2021: LibreOffice 7.2.3 and Mesa 21.2.6 Released

    Links for the day



  22. [Meme] So Desperate That Edge Cannot Even Exceed 4% That They Block Rival Web Browsers

    Linux/Android/Free Software/GNU (they go by very many names/brands) may continue to grow to the point where Windows is as irrelevant as Blackberry; this means that Microsoft’s grip on the Web too has slipped — to the point where Microsoft frantically uses 'bailout' money to hijack LinkedIn, GitHub, etc. (it also rebrands almost everything as "Azure" or clown to fake a perception of growth)



  23. Windows Vista Service Pack 11 (Vista 11) Has Failed to Curb the Growth of GNU/Linux

    Windows market share continues to decrease in spite of billions of dollars spent bribing the media for fake hype, especially in light of a new Windows Service Pack (SP), Vista SP 11



  24. Links 25/11/2021: Proton 6.3-8 and Linux Mint Compared to Ubuntu

    Links for the day



  25. 3.5 Years Later the 'Master' of Fedora is Still Microsoft and IBM Cannot Be Bothered to Alter Git Branch Names (Refuting or Ignoring Its Very Own Directive About Supposedly Racially-Insensitive Terms)

    Today we demonstrate the hypocrisy of IBM; years after telling us that we should shun the term "master" and repeatedly insisting it had a racist connotation at least 65 Fedora repositories, still controlled by Microsoft, still use "master"



  26. Changing the Arrangement While News is a Bit Slow(er)

    I've made it easier for myself to keep abreast of things like IRC channels and networks (incidentally, a day ago Freenode reopened to anonymous logins) and I've improved monitoring of the Web sites, Gemini capsule etc. (this video is unplanned and improvised)



  27. Links 24/11/2021: Alpine Linux 3.15 and Endless OS 4.0 Released

    Links for the day



  28. [Meme] Jimmy Zemlin Loves Microsoft

    It’s funny, isn’t it? Lying for a living and sucking up to the liars pays off; you get to plunder actual Linux users while leaving Linux morally and financially bankrupt



  29. Links 24/11/2021: PHP Foundation and Flatpak Criticisms

    Links for the day



  30. IRC Proceedings: Tuesday, November 23, 2021

    IRC logs for Tuesday, November 23, 2021


RSS 64x64RSS Feed: subscribe to the RSS feed for regular updates

Home iconSite Wiki: You can improve this site by helping the extension of the site's content

Home iconSite Home: Background about the site and some key features in the front page

Chat iconIRC Channel: Come and chat with us in real time

Recent Posts