Abstract
Michel Bon has faced deep financial problems during his presidency of France Telecom due to investment mistakes he committed. He resigned and then in October 2002 accesses Thierry Breton as chairman and CEO of the company receiving the world debt record of 72 billion Euros. Thierry Breton faced an emergency that lead to implementation of a restructuring plan.
The main objective of T. Breton was the debt: with the help of 140 consultants, he created a plan called "Vision 15 +15 +15".
15 billion debts renegotiated with the banks, 15 billion euro capital increased and above all an aggressive program of cost-killing, of the same amount. The first two 15 have been made in four months and the third was spread over three years around a savings program called "TOP". This program aims to cut 3 to 4 billion Euros in spending. To pass his plan "TOP" Breton decided to centralize all power and bypass the hierarchy.
