Just three days after a federal jury decided that Vivendi SA must fork over $954.6 million in damages to Liberty Media Corp. for breach of contract, the French entertainment group’s CEO announced that he will step down from his position.
Jean-Bernard Levy announced his resignation yesterday after a meeting with the company’s supervisory board. He joined Vivendi as chief operating officer in 2002 and became CEO in 2005. According to the company, Levy is leaving because of a “divergence of views on the strategic development of the company.” Media reports note that there long has been tension between Levy and Jean-Rene Fourtou, who has chaired Vivendi since 2002, because Levy opposes major asset sales or a breakup of the company.
Vivendi General Counsel Jean-Francois Dubos will take over as head of the company immediately.
Read Businessweek, Reuters and the Wall Street Journal for more about the Vivendi shakeup.
