Vivendi boss Jean-Bernard Levy steps down after board dispute
French media giant Vivendi Chairman Jean-Bernard Levy speaks during the general anual assembly of his group on april 19, 2012 in Paris.
Jean-Bernard Levy, the boss of French media and telecoms conglomerate Vivendi, is to resign after a decade at the helm following a dispute over the future strategy of the company.
News of Levy’s departure was revealed online by France’s Le Figaro newspaper. A short statement released late Thursday by Vivendi confirmed Levy was leaving due to a “divergence of views on the strategic development of the group,” The Wall Street Journal reported.
Levy is to be replaced by Jean-Francois Dubos, who is currently the conglomerate’s senior lawyer.
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According to the BBC, shares in Vivendi – whose assets include telecoms business SFR and Universal Music – hit a nine-year low this year, with SFR losing market share due to increased competition.
On Monday, Vivendi was ordered to pay $956 million as part of a longstanding legal action related to the firm’s acquisition in 2001 of a state in Barry Diller’s USA Networks, The Guardian reported. Vivendi will appeal the decision.