Untangling the Wires at France Télécom

CEO Breton talks about his turnaround plan and why he won't be holding any garage sales to cut the company's staggering debts

Thierry Breton, the new head of France Télécom, faces one of the toughest turnaround challenges in the corporate world. The former state-owned phone monopoly was once the bluest of blue chips. That all changed in the late '90s when former CEO Michel Bon embarked on a four-year, $80 billion spending spree, snapping up acquisitions in Europe and the U.S. while forking out billions of dollars for next-generation mobile-phone licenses.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.