Atos appoints Mustier as CEO amid financial restructuring
BEZONS, FRANCE — French IT giant Atos has appointed Jean Pierre Mustier as its new Chief Executive Officer, amidst the company’s ongoing financial restructuring efforts.
Mustier’s primary mandate will be to steer the company through its critical financial restructuring program. He is set to lead the company’s strategic direction, overseeing a workforce of 95,000 employees across more than 60 countries.
Mustier, who has been serving as Atos’ chairman since October 2023, replaces Paul Saleh, who held the CEO position for seven months.
Financial restructuring and debt management
Atos is grappling with a €5 billion (US$5.4 billion) debt, of which €3.6 billion ($3.9 billion) is due by the end of 2025.
In a recent development, Atos secured €1.7 billion ($1.8 billion) in financing from banks and existing shareholders, agreeing to convert €2.9 billion ($3.1 billion) of debt into shares.
Additionally, the company has obtained €800 million ($865 million) in interim financing to support operations until the restructuring plan’s completion, expected in Q1 2025.
Mustier’s extensive financial background
Mustier brings a wealth of experience to his new role at Atos. His career spans over three decades in the financial sector, including a 22-year tenure at Société Générale, where he held various leadership positions in corporate and investment banking.
He was also a Deputy General Manager at UniCredit, overseeing the Corporate & Investment Banking division, and CEO of UniCredit Group from 2016 to 2021.
As Atos navigates through its financial challenges, the company continues to provide critical IT services across various sectors, including cybersecurity, cloud computing, and high-performance computing solutions.
The company is a key supplier to both the French nuclear industry and the Paris 2024 Olympics.
