Atos has hired yet another new CEO, meaning the financially-stricken IT services provider is now onto its seventh chief executive in three years.

The French company announced today that Philippe Salle will take over as its CEO and on February 1 next year. He will also hold the role of company chairman, effective immediately.

Salle is set to replace Jean-Pierre Mustier, who himself has only served as CEO since July, having initially joined Atos as chairman in October 2023.

Atos is currently in the midst of finalizing a restructuring plan which it hopes will bring its debt under control and end years of financial uncertainty.

Philippe Salle in as Atos CEO

An experienced executive and CEO, Salle’s most recent role was as CEO of real estate technology and services group Emeria, but he has extensive experience in IT consultancy, serving as CEO of Altran Group, which later became Capgemini.

Salle said he joins Atos “with great enthusiasm and conviction.”

He said: “I am aware of the challenges that lie ahead, but also of the group’s strengths, from the quality of its services to the ongoing commitment of its employees, which will enable us, together, to open a new chapter in the group’s history.”

Mustier took over as CEO from Paul Saleh, who had been in post since January 2024. He replaced Yves Bernaert, who himself had only been in post for just over a year. Prior to this, the CEO role was shared by Nourdine Bihmane, Philippe Oliva, and Diane Galbe, who took over when Rodolphe Belmer was ousted after less than a year in post.

In the first 20 years of its existence, Atos had just four CEOs.

According to Mustier, Salle’s “extensive track record in creating shareholder value” was a key reason for his appointment. The fact that the veteran executive plans to personally invest at least €9 million ($9.8m) in the company as part of its restructuring efforts probably didn’t hurt, either.

Of his successor, Mustier said: “We will work closely together to ensure a smooth transition and the effective deployment of the group’s business and restructuring plan, in the interests of all stakeholders.”

Is the Atos tale of woe coming to an end?

Atos, which provides on-premises and cloud infrastructure, as well as a host of other IT services, has been struggling to bring its debts under control for years, and has seen its share price plummet as a result. But there is light at the end of the tunnel.

Earlier this year, it agreed a rescue package that would see its creditors take control of the business, with bonds and debt worth €3.1bn ($2.9bn) converted to equity. The creditors will also provide €1.68bn ($1.81bn) of new debt and €233 million ($250.7m) in new equity.

However, plans for the French government to pay €1bn ($1.09bn) for certain parts of the company appear to have hit a stumbling block. The deal was announced earlier this year, but an October 4 deadline passed without it being completed.

In September, the company issued a market update stating that it had cut its expected revenue for the next three years to “reflect the results of the first half of 2024, current business trends, and the expected impact on the group’s free cash flow.”