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01/07/2002
Vivendi chief's position threatened by US faction
According to the Financial Times, Jean-Marie Messier's days are numbered at Vivendi Universal following a move by 13 US-based non-executive directors.
The situation for Mr Messier has become so tenuous that the French newspaper Le Monde was reporting last night that the controversial chief executive had resigned on Sunday night with an announcement to be made this morning. The market indicated its approval of the news as Vivendi shares leapt 11.3% to €24.35. However, no such announcement has yet been made.
The name of Aventis Vice-Chairman, 63-year-old Jean-René Fourtou, has been touted as a possible replacement for Messier in the short term.
Mr Messier has already defied the rumour mill and maintained his position following a showdown board meeting last Tuesday. It was a difficult week for Messier as a key ally on the board, Bernard Arnault, resigned just hours before the talks with Vivendi's board.
Mr Arnault was the second high-profile board member to part company with Vivendi after Adecco's former chairman Philippe Foriel-Destezet resigned two weeks ago. That brought to five the number of board members to leave since the start of the year.
At last week's crunch meeting, US board members called for Messier's replacement but were headed off by French representatives. Now it seems the US members have succeeded in edging for Messier's removal.
Vivendi Universal, www.vivendi.com
(GMcG)
The situation for Mr Messier has become so tenuous that the French newspaper Le Monde was reporting last night that the controversial chief executive had resigned on Sunday night with an announcement to be made this morning. The market indicated its approval of the news as Vivendi shares leapt 11.3% to €24.35. However, no such announcement has yet been made.
The name of Aventis Vice-Chairman, 63-year-old Jean-René Fourtou, has been touted as a possible replacement for Messier in the short term.
Mr Messier has already defied the rumour mill and maintained his position following a showdown board meeting last Tuesday. It was a difficult week for Messier as a key ally on the board, Bernard Arnault, resigned just hours before the talks with Vivendi's board.
Mr Arnault was the second high-profile board member to part company with Vivendi after Adecco's former chairman Philippe Foriel-Destezet resigned two weeks ago. That brought to five the number of board members to leave since the start of the year.
At last week's crunch meeting, US board members called for Messier's replacement but were headed off by French representatives. Now it seems the US members have succeeded in edging for Messier's removal.
Vivendi Universal, www.vivendi.com
(GMcG)
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