Leadership Conversations with Philippe Guillemot
From 4% to 20% EBITDA in four years : A conversation with Philippe Guillemot Chairman and CEO of Vallourec
On Tuesday, September 16, AXCEL Partners had the pleasure of welcoming Philippe Guillemot, Chairman and Chief Executive Officer of Vallourec, to the Hôtel Le Royal Monceau Raffles Paris for a conference on the theme: “Turnaround Operations and Recovery Strategies.”
This event is part of AXCEL Partners’ Rencontres du Management series, where we regularly bring together leading executives to discuss key topics related to transformation and leadership.
Following previous sessions with Olivier Roussat (Bouygues), Anne Rigail (Air France), Delphine Ernotte (France Télévisions), Olivier Huart (TDF), and Luc Rémont (EDF), we had the honor of engaging with Philippe Guillemot, a leader renowned for his ability to transform organizations and drive sustainable turnarounds.
His career reflects extensive experience within major groups such as Michelin, Valeo, Faurecia, Areva T&D, Europcar, Alcatel-Lucent, Elior, and now Vallourec.
Philippe Guillemot’s management style is characterized by great clarity of vision and relentless rigor in execution. Upon joining Alcatel-Lucent, he made a lasting impression by telling his executive team: “I’m going to tell you what I will do to turn this company around — and I will do exactly what I’m telling you today.”
This direct and transparent approach, followed by concrete action, earned him the enduring trust of his teams. His core principle remains unchanged: “When you have a problem, never hide it — escalate it immediately so we can act.”
This pragmatism and culture of truth form, in his view, the foundation of effective management and high-performing organizations.
The case of Vallourec perfectly illustrates this method. In 2021, the group was on the brink of bankruptcy, with an EBITDA of 4% and heavy debt. Three years later, the company has returned to profitability, achieving an EBITDA of 20%, a strengthened balance sheet, and the reinstatement of dividends after a ten-year hiatus.
This remarkable turnaround was built on an uncompromising diagnosis, active listening to teams and social partners, a strategic repositioning toward high value-added products, and a selective commercial policy. Philippe Guillemot transformed an industrial model focused on volume into one driven by margin and performance, while fostering innovation and R&D on future-oriented projects such as hydrogen storage.
This approach — both analytical and human — relies on clear governance, disciplined cash management, structured management routines, and perfectly aligned internal communication. It reflects a strong conviction: speed of execution and collective responsiveness are essential to sustain long-term performance.
“Failure to adapt is a death sentence,” he recently reminded, emphasizing the importance of strategic agility in complex environments.
AXCEL Partners warmly thanks Philippe Guillemot for his participation, and Damien Rebourg, Director of Communications and Public Affairs at Vallourec, for his contribution to preparing this discussion.
This meeting, rich in insights and shared experience, fully aligns with AXCEL Partners’ mission: to foster the practice of leadership in transformation contexts and to enrich collective reflection on the levers of turnaround and recovery.
