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CEO Levy to resign after conflict over Vivendi's future

Text by NEWS WIRES

Latest update : 2012-06-29

French entertainment giant Vivendi announced Thursday that CEO Jean-Bernard Levy will be stepping down over a difference of opinion about what direction the company should take. Levy joined Vivendi in 2002 and has served as CEO since 2005.

AP - French entertainment group Vivendi says its chief executive is stepping down because of a difference of opinion about the direction of the company.

Jean-Bernard Levy’s departure after a decade with Vivendi comes after a meeting of its supervisory board on Thursday.

Levy joined Vivendi as chief operating officer in 2002 and took the helm in 2005.

The Paris-based company said Jean-François Dubos, its general counsel, will replace Levy as chairman of Vivendi’s management board. Besides Levy and Dubos, the board’s only other member is Chief Financial Officer Philippe Capron.

Vivendi, owns Universal Music Group and telecommunications and video game companies.

Date created : 2012-06-29

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