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Vivendi chairman says his replacement by Bollore up to board
April 30, 2013 / 3:30 PM / in 5 years

Vivendi chairman says his replacement by Bollore up to board

PARIS, April 30 (Reuters) - Vivendi Chairman Jean-Rene Fourtou, under pressure from small shareholders at an annual meeting on Tuesday, said the board would decide about his eventual replacement at the helm by largest shareholder Vincent Bollore but nothing was imminent.

“It’s the role of the board to decide on the management and governance of the group. The question of leadership and succession of the group is a major concern for the board, which is being worked on,” said Fourtou, who has been in power either as CEO or chairman since 2002.

His mandate is up in 2016. At the annual meeting, several small shareholders called for his resignation.

“Bollore has not communicated a desire to replace me immediately, so the board will judge when the time comes. Bollore becoming chairman is a possibility in the future but not a question for right now.”

Bollore owns 5 percent of Vivendi and has been a board member since December.

He did not attend the annual meeting because he was said to be in Italy at the shareholder meeting of insurer Generali where he is a vice-chairman. (Reporting by Leila Abboud; Editing by Elena Berton)

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