Thierry Breton (born 15 January 1955 in Paris) is a French and Senegalese businessman and politician who has been serving as the European Commissioner for Internal Market
since 2019. He previously was a professor at Harvard Business School
and a Finance minister
of France. In the private sector, he has been vice-chairman and CEO of Groupe Bull
, Chairman and CEO of Thomson-RCA
(1997–2002), Chairman and CEO of France Télécom
(2002–2005). An Honorary Chairman of both Thomson and France Telecom, he most recently Chairman and CEO of international information technology services company Atos
from 2008 until 2019.
He was from 2005 to 2007 the French Minister of Economy, Finance and Industry
in the governments of Prime Ministers Jean-Pierre Raffarin
and Dominique de Villepin
, during the presidency of Jacques Chirac
Early life and education
Breton was born in the 14th arrondissement of Paris
. His father was a civil servant in the agency responsible for developing nuclear energy.
[Caroline Chaumont (3 May 2005)]
He completed his middle and high school education at the ''Ecole alsacienne'' in Paris and University-preparatory school
classes for the Grandes écoles
at Lycée Louis-le-Grand
Breton received a master's degree in Electrical Engineering
and Computer Science
from École Supérieure d'Électricité
(Supélec, now CentraleSupélec
) in 1979 and later graduated from the ''Institut des hautes études de défense nationale'' (IHEDN
Career in business
Breton began his career in 1979 as a teacher of IT and Mathematics at the Lycée Français de New York
as part of his military service through cooperation.
In 1981 he created ''Forma Systems'', a systems-analysis and software-engineering company of which he became CEO until 1986.
In 1986 Breton became adviser to the French Ministry of Education and Research René Monory
and designed open-air science and technology theme park Futuroscope
. From 1990 to 1993, he was managing director of CGI Group
, a global information technology company.
In 1993, the French government hired Breton to help turn around troubled national computer maker Groupe Bull
. As second in command, he managed to restructure the stock-market listed company and became in 1996 Vice-President of the board of directors. He is widely credited with pulling Bull from the edge of bankruptcy.
In 1997, the French government named Breton chairman and CEO of Thomson Multimedia, a state-owned consumer-electronics company that was on the verge of collapse. A year before France's prime minister Alain Juppé
unsuccessfully tried to sell the company to South Korea–based Daewoo for a single franc.
Breton made stock offerings to generate cash and diversified the company's businesses, figuring that consumer-electronics products were not high-end enough to consistently earn profits over the long term. Breton involved Thomson in interactive television, electronic publishing, and the Internet, as well as the higher-margin business of digital film-editing services. Thomson began manufacturing televisions with built-in software to run the electronic reference.
Thomson's new ventures instilled investors with renewed confidence in the company and allowed Breton to attract bigname companies such as Microsoft
, and the DirecTV
division of Hughes Electronics. By 1999 Thomson was turning a $230 million profit on sales of $6.5 billion. By the time Breton left in 2002, revenues had increased by more than 80 percent and Thomson was outperforming Sony
, and Philips
, its major consumer-electronics competitors.
He was named Honorary President of the company in September 2002 following his departure for France Télécom.
Widely acclaimed as a "turnaround whiz", Breton was named by French government as head of multinational telecommunications corporation France Télécom
on 2 October 2002.
In the previous year, the company's share price had fallen about 70% while debts have ballooned to 60 billion euros ($54bn). A risky acquisition strategy that included mobile phone operator Orange
, data carrier Equant
and Internet service provider (ISP) Freeserve
as well as several new, third-generation mobile phone licences had left France Telecom with the infamous title of the ''world's most indebted listed company''.
At the time Breton took over share prices were worth less than 7 euros. Two months after his arrival these share prices had risen by 170%. He launched ''Ambition FT 2005'' and generated a three-tiered plan that called for cutting costs to increase cash flow, refinancing debt, and generating $16 billion from shareholders through a capital increase, all in efforts to save $30 billion over three years
The operator was simultaneously facing an intensification of the competition in its long time market of France, as well as a demand from the ARCEP
to unbundle ADSL
. As a response to these challenges Breton notably ended Orange
’s venture on the stock market and took back complete control over the subsidiary and its earnings.
In July 2003 he launched the plan ''Broadband internet for all'' with the objective of providing broadband to 90% of the French population. To do this he increased spending in the innovation sector by 20% and launched the charter ''Innovative Departments'' to speed up the development of broadband in rural areas. The following year the company recorded more than 7000 patents filed in France and abroad. In the same year France Télécom reintegrated with Wanadoo
to integrate fixed telephony and service provider
activities. In July 2004 Breton announced the launch of Livebox
, the operator's first Triple Play
offer and France Télécom would become the first organisation to implement the concept of ''integrated operator''.
In September 2004 the French government finalised the privatisation of France Télécom on which it had been working progressively since 1996. However, in accordance with the law of 31 December 2003 proposed and supported by Breton, the specific status of the employees was maintained.
When he left the company for the Ministry of the Economy in February 2005 the share price was 23 euros. In less than three years the company's debt was reduced to less than 40 billion euros. He was named as Honorary President of France Télécom.
In January 2010 the ''Harvard Business Review'' first published a list of "The 100 Best-Performing CEOs in the World" which was based on an academic study comparing the performances of the heads of industry of the 2,000 biggest global companies, in their relevant fields, from 1995 to 2009. Breton held the 62nd position for his term as CEO of France Télécom.
After two years of government service (2005–2007) he became in November 2008 the executive 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%.
In 2008 Atos generated a sales revenue of 5.5 billion euros with a headcount of 50,000 employees but according to Breton was "managed too compartmentally" and the company's inferior profitability margins compared to those of its competitors required a complete transformation plan.
In July 2011 he orchestrated the acquisition of the IT activities of German industry group Siemens
which allowed the company 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 €850m ($1.1bn), was the biggest Franco-German transaction since an alliance between Germany's premium carmaker Daimler
and France's Renault
early this year. The operation was lauded by the financial markets and the Atos share price rose by 11.6%.
With the integration of 28,000 engineers Atos became one of the most important Franco-German industrial collaborations since Airbus
, illustrated particularly 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
for Atos which gave the company two headquarters, one in France and a second in Munich, Germany. Furthermore, 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 co-CEO of the German software company SAP
In May 2014 Breton launched a friendly takeover on French historic IT industry player Bull, turning Atos into the number one European company and one of the major global players in Big Data
. This acquisition, again commended by the markets (Atos’ share price rose by 6.2% and Bull's by 21.9% the day of the announcement) notably allowed the company to position itself in the supercomputing
segment and to become the sole European manufacturer.
Six months later he announced Atos’ acquisition of Xerox
’s IT outsourcing activities as well as a strategic partnership with the American company. This operation, which was viewed favorably by the Stock Market, made Atos one of the five largest digital companies in the world. The company had doubled in size within six years with a headcount of around 100,000 employees.
Breton received world attention after an interview with the ''Wall Street Journal
'' in 2011 when he reiterated his intention to ban internal email, dubbed as "the pollution of the information age", at Atos within 18 months (known as the zero-email strategy), replacing internal emails by a set of enterprise social networks, enterprise instant messaging, collaborative tools etc..., both being developed inhouse and partially aggregated from other vendors.
In May 2015 the company's market capitalization rose to 7.29 billion euros, an increase of more than 5 billion euros compared with November 2008 when Breton took over office. The market share price of Atos grew by 268% in five years.
In 2018 October Atos announced acquisition with Syntel Pvt. Lmt. An Indian company.
Minister of Finance
Having already been proposed twice to succeed Nicolas Sarkozy
as Finance Minister, Breton was appointed on 24 February 2005, replacing Hervé Gaymard
. At the time, he was the country's fourth finance minister within just one year.
During his two and a half years at the head of Bercy, Breton centred his economic policy on the need to reform public finances
, specifically to reduce debt. In June 2005 he declared that France ''lives beyond its means'', a sentiment echoing the words of the Prime Minister Raymond Barre
in 1976. He stated to the French people that the entirety of their income tax would serve only to finance the interest payments on the national debt. A month later he set up a commission presided over by BNP Paribas
CEO Michel Pébereau
which was given the task of ''breaking the pattern of public debt''.
He stipulated the maintenance of public deficit
below a level of 3% of GDP in 2005 and 2006 as his primary goal. At the end of 2005 France's deficit fell to 2.9% of its GDP after three consecutive years of surpassing the figure of 3%. In 2006 the public deficit was further reduced to 2.5% and public debt was recorded to have dramatically fallen to 63.9% of GDP. For the first time since 1995 the country's budget was in a situation of primary surplus. At the same time France's GDP rose by 2.1% in 2006 compared with 1.7% in 2005.
In October 2005 Breton proposed a law on "the modernization of the economy" which was voted in the same year and looked to prioritize SMEs’ access to financial markets, encourage research and promote giving employees a stake in the company's outcomes. On this occasion he also announced himself in favor of the status of the Societas Europaea
being written into French legislation to allow businesses to operate throughout the EU on the basis of a unified set of financial rules.
At the same time he led a reform for fiscal simplification which attempted to reduce the number of tax brackets from seven to four and put in place a pre-filled internet based declaration of revenues.
During this period he unveiled the concept of the tax shield
, which he would initiate in 2006 at a level of 60% excepting health insurance and social debt reimbursement. This was taken up again by Sarkozy in 2007 with a lowering of the level to 60% and an inclusion of health insurance and social debt reimbursement.
Breton wanted France to be the first country to move forward in developing its immaterial heritage. Thus in March 2007 he entrusted a report to Maurice Lévy
and Jean-Pierre Jouyet
on the economy of the immaterial with the goal of creating an agency for the immaterial heritage of the state which ambition would be to valorize the state's immaterial assets (use of image; brands etc.) This one-of-a-kind agency was put in place on 23 April 2007. This immaterial heritage was recorded as 10 billion euros worth of assets in the state's annual report in 2010.
By February 2007 the unemployment rate was at 8.4%, the lowest recorded score since June 1983.
He finished his term on 15 May 2007 at the end of Jacques Chirac's five-year term. The handover of power to Jean-Louis Borloo
, named as Minister of the Economy by the newly elected President of the French Republic Nicolas Sarkozy, took place the following day.
Since 2008, Breton has been chairing Protectinvest, a private foundation in Belgium set up by French billionaire Bernard Arnault
to safeguard the integrity of the LVMH
group until 2023.
* Asian Development Bank
(ADB), Ex-Officio Member of the Board of Governors (2005-2007)
* European Bank for Reconstruction and Development
(EBRD), Ex-Officio Member of the Board of Governors (2005-2007)
* European Investment Bank
(EIB), Ex-Officio Member of the Board of Governors (2005-2007)
* International Monetary Fund
(IMF), Ex-Officio Member of the Board of Governors (2005-2007)
, Independent Member of the Board of Directors (since 2016)
* Bank of America
, Member of the Global Advisory Council (since 2013)
* SATS Ltd., Member of the Board of Directors (2015-2018)
* Worldline SA, Chairman of the Board of Directors (2014-2019)
, Independent Member of the Board of Directors (2008-2019)
, Member of the Board of Directors (-2005)
* Groupe Bull
, Chairman of the Board of Directors (2004-2005)
, Member of the Board of Directors (2001-2005)
* La Poste
, Member of the Board of Directors
, Member of the Board of Directors (2000-2005)
* Schneider Electric
, Member of the Board of Directors (2000-2005)
* Global Talent Competitiveness Index (GTCI), INSEAD
, Member of the Advisory Board (since 2013)
* Harvard Business School
, Member of the European Advisory Board
[Della Bradshaw (11 July 2007)]
French finance minister heads for Harvard
* French Academy of Technologies
* University of Technology of Troyes
, Chairman (1997-2005)
After leaving the government, Breton briefly worked as professor at Harvard Business School
(2007–2008) where he taught Leadership and Corporate Accountability (LCA).
He is the author of many books about information technology and economy, and co-author of a novel about cyberspace.
* 1984 : ''Softwar
'', The Emergence of Computer Virus as a weapon of mass destruction (La Guerre douce), Thierry Breton – Denis Beneich, éd. Robert Laffont, Paris ; (translated in 25 countries).
* 1985 : ''Vatican III'', The emergence of a Word made of information based Communities, Thierry Breton, éd. Robert Laffont, Paris
* 1987 : ''Netwar'', The Networks War (La guerre des réseaux), Thierry Breton, éd. Robert Laffont, Paris
* 1991 : ''La Dimension invisible'', The Emergence of Information Society (Le défi du temps et de l'information), Thierry Breton, éd. Odile Jacob, Paris
* 1992 : ''La Fin des illusions'',The end of the Geek Age, Thierry Breton, Plon, Paris.
* 1993 : ''Le Télétravail en France'', An early description of Teleworking in France, Thierry Breton, La Documentation française, Paris.
* 1994 : ''Le Lièvre et la Tortue'', France and The Knowledge Revolution, Thierry Breton – Christian Blanc, éd. Plon, Paris.
* 1994 : ''Les Téléservices en France'', An early description of the internet word, Thierry Breton, La Documentation française, Paris.
* 2007 : ''Antidette'', How to reduce the over spending and major indebtness of France, Thierry Breton, Plon, Paris.
Breton is an officer of the Légion d'honneur
and a commander of the Ordre National du Mérite
. He is also a member of Le Siècle
[Frédéric Saliba, 'Le pouvoir à la table du Siècle', in ''Stratégies'', issue 1365, 14 April 2005, p. 4]
* 2010: Commander in the Order of Ouissam Alaouite, Morocco
* 2008: Officer in the national Order of Légion d'honneur, France
* 2006: Grand Cross in the Order of Merit (Al Merito de Chile), Chile
* 2006: Grand officer in the national Order of the Southern Cross (Ordem Nacional do Cruzeiro do Sul), Brazil
* 2006: Commander in the Order of Civil Merit (orden del Merito Civil), Spain
* 2004: Commander in the National Order of Merit (France) (ordre national du Mérite), France
* 2001: Honorary Citizen of the City of Foshan, Guangdong Province, China
* 2015: Montgelas Prize, for outstanding actions in favor of French-German cooperation, Munich, Germany.
* 2012: ''Les Echos'' Strategist of the Year
* 2002: ''La Tribune'' Strategist of the Year
On 1 April 2021 Breton told the media that no vaccines would be exported from the EU unless Astrazeneca fulfills its obligations towards the EU. This has prompted outrage from the UK government, who claimed to have invested heavily into a factory in the Netherlands to produce vaccines for the UK. The UK has threatened to block exports of the raw ingredients to the EU should their position not change. Breton and Ursula von der Leyen have been described as vaccine pirates on social media, despite production and export figures in established news sources showing otherwise.
[Daniel Boffey (11 March 2021)] In an attempt to resolve the issue, Breton initiated negotiations between all involved parties, i.e. the CEO of AstraZeneca Pascal Soriot, and the Dutch, Leiden based AZ subcontractor vaccine plant, Halix. During these meetings, it emerged that AstraZeneca had conceded that all but one batch of the plant’s vaccines would stay in the EU.
Covid vaccine row: EU has exported 34m doses – including 9m to UK
[Jon Henley and Daniel Boffey (9 April 2021)]
In late 2005, French police carried out at least a dozen raids – including on Breton's office – in connection with complaints about accounting irregularities at Rhodia between 1999 and 2004 and in connection with the sale of assets by the pay-television company Canal Plus to the electronics company Thomson.
Atos SE of France has struck a $3.4 billion deal to buy Syntel Inc., a U.S.-based information-technology company, in a move that would give it access to some of the biggest U.S. financial-services companies.
The French company said late Sunday that it plans to pay $41 a share in cash for Michigan-based Syntel. Shares in Syntel closed at $39.13 on Friday, having more than doubled over the past 12 months. Including assumed net debt, the deal values Syntel at $3.57 billion. The Wall Street Journal reported the deal earlier Sunday.
Atos Chief Executive Thierry Breton said Sunday that an incentive for a deal was Syntel’s strong know-how in digital fields, including cloud services, social media, mobile, analytics and automation. All are increasingly important areas for companies’ IT operations.
The acquisition would also boost Atos’s presence in North America, where the company’s revenue fell unexpectedly in the first three months of the year. In particular, Syntel has strong relationships with financial-services firms, as well as companies in the health-care and retail sectors. American Express , State Street Bank and FedEx Corp. were Syntel’s three largest customers in 2017, accounting for about 45% of the company’s annual revenue. Its 10 biggest customers generated 69% of its total revenue last year
PARIS—France’s Atos SE said its auditors have found accounting errors at two U.S. subsidiaries and were unable to verify its complete accounts ahead of the information-technology firm’s annual shareholder meeting.
The two U.S. units, Atos IT Solutions and Services Inc. and Atos IT Outsourcing Services LLC, represent 11% of the company’s revenue and 9% of its operating margin, Atos said Thursday.
The French IT services company’s shares fell by as much as 14% in Thursday morning trading. Atos said it hasn’t identified any material misstatements in its annual accounts.
Atos has pursued a string of U.S. acquisitions in recent years, including the $3.4 billion deal in 2018 to buy rival Syntel, based in Troy, Mich. Atos, which reported €11.2 billion, equivalent to $13.14 billion, in revenue last year and a net profit of €725 million, said it has made nine small acquisitions over the past year in areas including cybersecurity and cloud analytics.
UK recognition of EU’s vaccine effort would not go amiss, says Brussels
Breton has been married to journalist Nicole-Valerie Baroin since 1982. They have a daughter and grandchildren living in Berlin. Breton speaks some German.
[Laura Kayali (4 December 2019)]
Thierry Breton: High-speed commissioner
Category:Commanders of the National Order of Merit (France)
Category:French European Commissioners
Category:French Ministers of Finance
Category:Harvard Business School faculty
Category:Lycée Louis-le-Grand alumni
Category:N M Rothschild & Sons people
Category:Officiers of the Légion d'honneur
Category:Politicians from Paris
Category:Politicians of the French Fifth Republic
Category:European Commissioners 2019–2024