FROM ALLEGIANCE TO ‘RUE DE RIVOLI’ TO WALL STREET PILGRIMAGE. FINANCIALISATION AND PROFESSIONALISATION OF FINANCIAL DIRECTORATES IN THE FRENCH ENERGY AND DEFENSE SECTOR

Abstract

The history of the financial directorates of publicly owned energy and defense French firms
indicates that their CFOs become increasingly professionalised and reinforce their position.
Their careers were transformed in a number of ways. To begin with, finance became more
specialised and the position of Chief Financial Officer developed. Careers subsequently
became increasingly international and specialized and combined experiences in both corporate
finance and market finance. This transformation of both the individuals and their position in
the organization enabled partially or totally privatized firms to gain financial legitimacy and
build trust among institutional investors who were becoming major shareholders. At the same
time, they were adapting to the increasing financialisation of the State as a shareholder which
was orchestrated by the Agency of State Participations, created in 2004 by the Ministry of
Economy, Finance and Industry.