Vivendi boss Jean-Bernard Levy to step down after disagreement over strategy
- Chief executive of French media, music and telecoms group reported to have had differences with his chairmanJean-Bernard Levy, the chief executive of Vivendi, is to leave after a decade running the French media, music and telecoms conglomerate following a disagreement over the strategic direction of the company, according to a French media report.The board of Vivendi – whose assets include Universal Music, Call of Duty publisher Activision Blizzard, pay-TV business Canal+ and telecoms division SFR – is expected to announce Levy's departure following a meeting at the end of the day on Thursday, according to an online report by Le Figaro newspaper.Levy, who joined as chief executive in 2002 and led a recovery of the-then debt ridden Vivendi, has reportedly elected to step down following a disagreement with chairman Jean-Rene Fourtou.The 57-year old has been under considerable pressure in recent months following the under-performance of SFR in the face of heightened competition from new arrivals in the French telecoms market.Vivendi reported a record annual profit of €2.9bn (£2.47bn) for 2011, thanks to the exceptional performance of Activision Blizzard, but disappointed shareholders by admitting that earnings will not grow until 2014 because of issues at SFR.The company's share price rose almost 4% to €14 following the report that Levy is to leave. Vivendi's stock has fallen almost a fifth since the beginning of the year hitting a nine-year low point in April.Levy will be replaced on an interim basis by Jean-Francois Dubos, vice president and general counsel at Vivendi.On Monday, Vivendi was ordered to pay $956m following a protracted legal action dating back to 2003 relating to the company's 2001 acquisition of John Malone's Liberty Media's stake in Barry Diller's USA Networks. Vivendi said it intends to appeal.Vivendi's Universal Music division – home to acts including Lady Gaga, U2 and Take That – is attempting to navigate the £1.2bn acquisition of EMI through an investigation launched by the European competition regulator.Vivendi had not responded to a request for comment at the time of publication.• To contact the MediaGuardian news desk email editor@mediaguardian.co.uk or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. If you are writing a comment for publication, please mark clearly "for publication".• To get the latest media news to your desktop or mobile, follow MediaGuardian on Twitter and FacebookMedia businessTelecommunications industryMusic industryActivision BlizzardMark Sweneyguardian.co.uk © 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds ...
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