Emmanuel Millard, well versed in the inner workings of the State as well as business mechanics, has made the “public-private bridge” the throughline of his career. Having worked in diplomacy, the Budget office, and the leadership of major public institutions and nonprofit groups, he has held several financial and general management positions across the private, public, and nonprofit sectors. He embodies a rare back-and-forth between two siloed worlds, driven by a strong conviction: the public interest can learn from private-sector efficiency. Conversely, the private sector has something to learn from the State’s culture.
Born in Nuits-Saint-Georges, Burgundy, he grew up in a discreet provincial family, where he received a rigorous education that he remembers fondly. It was shaped by a sense of duty and attention to others. Unlike the prevailing Paris-centered academic paths, he chose to stay in Dijon for his higher education. As a result, he balanced intellectual ambition with family loyalty. This rooted yet demanding journey led him to become passionate about corporate finance in the late 1980s/early 1990s, before embarking on a long career at the intersection of public finances and corporate finance.
Father of three, he insists on remaining present for his family despite a demanding professional life. Far from technocratic posturing, he claims a certain culture of the real nourished by his local commitments. Additionally, he has long been heavily involved in the nonprofit, social, and sports sectors.
As french public debt reaches highs, he casts an unsparing eye on the State’s management. “France is not bankrupt,” he emphasizes, recalling the scale of French savings. However, he believes the tipping point has been reached; only structural state reforms carried out with courage could halt the debt spiral. Such reforms would restore the public authorities’ room for maneuver.
Positioning himself toward the center of political currents, he advocates economic efficiency that does not sacrifice national cohesion and solidarity.
Former national president of the DFCG [Association des Directeurs Financiers et de Contrôle de Gestion], he campaigns to optimize public spending rather than blindly cut it: facilitating business creation, yes, but not at the expense of the most vulnerable. Companies also have a duty of “economic patriotism,” he asserts: contributing through taxes and employment, and encouraging buying French and European.
Finally, finance, he insists, only makes sense when it supports a collective project. Accordingly, he is involved in several associations and appears on a candidate’s list for the municipal elections in Trouville-sur-Mer. Performance management and citizen engagement can therefore go hand in hand.
“Finance is not an end in itself: it is a tool in service of a collective project.”
Interview With Emmanuel Millard
Pierre-Antoine Tsady: Throughout your career, you’ve moved between the Administration – Quai d’Orsay, Budget Directorate, Court of Auditors – and the private sector. What can these two worlds bring to each other?
Emmanuel Millard: I have always defended the idea of building bridges between public and private, in both directions. The public sector has a culture of the general interest and a great capacity for analysis. Moreover, our administration is probably one of the best in the world. The private sector often brings execution reflexes, responsiveness, a results culture, and accountability. Personally, my status as an A+ contract employee in the public sector made my back-and-forth easier, but these bridges should become more natural. The problem lies in the system’s rigidity. Indeed, the civil service status remains very particular. This holds true even by international comparison, notably within the OECD [Organisation for Economic Co-operation and Development]. And ultimately, the share of executives coming from the private sector in senior public service remains low: we’re moving forward, but too slowly.
“To lead is to arbitrate. Everything else is PR!”
P.-A. T.: You are critical of the State: reforms too often “unfinished,” public spending hard to control… You even once wrote that “France is not bankrupt.” What do you see as the problem? What should we face up to?
E. M.: What’s missing is first and foremost political courage. We piled up reforms that were often never carried out to completion. As a result, they produced little effect. We need assumed structural reforms. There’s a lot of talk about public debt: yes, it’s a major issue, but you have to look at the whole picture. The French hold in absolute terms very large savings—over €7,400 billion. So France remains a rather wealthy country, but that doesn’t mean we shouldn’t tackle the debt problem! On the contrary! The tipping point has now been reached. We must stop the debt spiral and set priorities. Additionally, it’s necessary to review the State’s lifestyle and better target certain aids. Some countries, like Canada or the United Kingdom, have carried out genuine “spending reviews” [systematic examination of public expenditures to optimize them, ed.]. In France, we still fail to do so sufficiently, and we too quickly fall back on easy solutions.
P.-A. T.: You describe yourself as both liberal and social. Concretely, what does that mean?
E. M.: I’m economically liberal: I don’t believe we can overprotect an economy indefinitely; you always end up paying the price. I would indeed be more “social liberal,” because I don’t forget where I come from. Moreover, life brings accidents. There is no economy without social policy—that doesn’t exist. So yes, we must facilitate business creation, streamline, lighten when possible, and stop the double mechanism: higher taxes and higher spending. However, I’m not in favor of eviscerating social protections: leaving people by the wayside is unacceptable. The narrow path is optimization: better targeting, better control, improving allocation processes, seeking efficiency. It’s not a slogan; it’s a matter of cohesion and ultimately of collective performance.
“An economy without discipline is fragile, discipline without justice is ineffective.”
P.-A. T.: What can chief financial officers do to help micro and small businesses weather economic crises?
E. M.: Companies, small or large, already contribute enormously: they pay charges and taxes that keep growing, they innovate, they employ, they hold firm. They are often the budget adjustment variable for the State. Helping micro and small businesses means being a clear-eyed partner. Thus, you must do business while also thinking of your country. I sometimes use the term “economic patriotism”: by their very activity, companies are already a pillar of it. This patriotism must work the other way, without imposing or over-regulating. We can, for example, encourage our fellow citizens to favor purchases of goods produced in France and Europe. That’s a concrete form of solidarity that depends as much on consumer choices as on incentive measures.
P.-A. T.: In companies, we constantly hear about “performance management.” Concretely, how does this change a leader’s decision-making, especially for a CFO?
E. M.: The expression is used so much that it almost means nothing anymore. The real question: what performance to measure and how?
What has changed is the priority. Previously, we mostly looked at profits in the annual accounts. Today, we first monitor available cash in the bank. Knowing how much cash you have on hand is sometimes more important than accounting profit.
For a CFO, it changes everything. He must ensure there will always be enough cash. Salaries and suppliers must be paid. You have to plan for tough times. You have to spot weak signals early that foreshadow difficulties.
Performance is not a buzzword. It’s daily rigor. And there isn’t only one way to be performant.
P.-A. T.: People say a CFO no longer just “does budgets.” So what makes a good CFO in 2026?
E. M.: A good CFO in 2026 is first someone with solid technical foundations, but who no longer confines himself to a “classic” profile. Academic background matters, but it’s no longer the sole criterion.
What makes the difference is curiosity: interest in the business, markets, trends, technology topics, IT. A few years ago we talked about the “augmented CFO” [term referring to a CFO equipped with innovative digital tools]. I believe today this applies to many leaders: you must embrace more subjects.
The CFO is there to support the business, advise, decide, and sometimes cut through uncertainty. It’s a more reactive function, closer to the field than before. I’d call it an “intelligent” CFO today.
P.-A. T.: In an uncertain world, how do you make the right financial decisions, notably in the face of the rise of artificial intelligence and crypto assets?
E. M.: You never know if you’re making the right decision: you have indicators, convictions, intuition, experience, advice… But it’s certain: without perceiving weak signals and ignoring major evolutions, you are doomed.
Regarding cryptocurrencies, I’ve seen the same dynamics as in some financial markets: euphoria, then mistrust, then return. I’m not a specialist, but we must observe these exchange and investment assets without fantasy. It’s necessary to accept that they will enter our habits.
As for AI, I now use it almost every day: to proofread, verify, challenge a paragraph. However, I’ve never used AI to write a LinkedIn post, only for research. Technology must help, not make us dependent.
P.-A. T.: Let’s talk about your background. You quickly became passionate about corporate finance. How do you move from that accounting world to financial strategy? And why at the time not try the grandes écoles like HEC?
E. M.: The spark came in my fourth or fifth year of study: I was very comfortable in corporate finance, and it gave me a direction. At first, I was drawn to introductory economic and social subjects: understanding the economy, public policies. Then you become a strategist by stepping out of your daily routine through curiosity. It happens through encounters and opportunities. Moreover, it depends on the trust granted to you. There’s no magic recipe.
Regarding the grandes écoles, I didn’t even take the HEC entrance exams: I wasn’t chasing them. I was admitted to other universities and grandes écoles, but I preferred to stay in Dijon because it’s also a center of excellence in finance where I studied under Gérard Charreaux, the father of modern finance. In retrospect, I tell myself the true marker of success isn’t pedigree: it’s mastery of subjects and hard work.
P.-A. T.: On LinkedIn, where you have a large following, as in your classes, what do young people ask you most?
E. M.: I’m contacted almost every week by young students or graduates seeking advice: study choices, internships, work-study programs, first jobs… Deep down, their concern is simple: “how do I enter the job market?” The context has become difficult for them, even for very solid profiles: finding an internship or a work-study placement can be a challenge. That’s also why I’m heavily involved through several mandates in professional and nonprofit organizations. Additionally, I chair the DFCG Foundation: each year we award around thirty scholarships to students. It’s concrete support to help them take a step forward. At my level, I try to do what I would have liked done more for me: respond, guide, connect. And above all remind one thing: a career isn’t a straight corridor. It’s built in stages, and sometimes by detours.
P.-A. T.: Can finance really be “responsible,” or is it just a buzzword? And more personally, what gives meaning to your commitment beyond your work?
E. M.: Yes, finance can and must be responsible. But not only in the sense of “green finance” or CSR [corporate social responsibility]. Responsible also applies to investment and governance choices. What bothers me most is the thought that in 20 or 30 years everything will be as it was! We don’t sufficiently protect our planet and don’t think enough about the legacy we will leave our children. There is clearly a form of generational selfishness. Hence my nonprofit engagement to try to influence certain trends or positions. Moreover, I keep a foot in culture with Les Toquades, a cultural association based in Normandy that stages performances in atypical venues. I’m also engaged locally: I’m in an electable position on a municipal list in Trouville-sur-Mer, with finances squarely in view. My final advice is to think usefully and efficiently. The rest comes with work, encounters, and consistency.