Atos on the verge of being taken over by creditors, changes CEO once again

On October 15, 2024, Atos announced that Philippe Salle, who was appointed chairman of the board on the same day, would become the group’s CEO on February 1, 2025. He will replace Jean-Pierre Mustier, who has held the position since July 2024, marking him the sixth CEO of the IT giant in just two years.

Former CEO of Altran and real estate group Emeria, Philippe Salle’s task will be “to oversee the deployment of the business plan and the restructuring of the group.” At the end of September 2024, shareholders approved Atos’ accelerated recovery plan led by its creditors, a plan already validated by the board of directors in late June 2024.

The restructuring includes converting €3.1 billion of debt into shares (out of the group’s total €4.8 billion debt) and a capital increase of €233 million. Creditors will be able to participate in this capital raise and will control between 74.1% and 99.9% of Atos’ capital after the operation. They will also provide up to €1.675 billion in new financing to revive the group.

At the same time, the French state is expected to acquire Atos’ strategic BDS (“big data and security”) division, likely with the support of Thales.