April 19, 2018 / 11:57 AM / in a month

Vivendi's Bollore to ask board to appoint his son chairman

PARIS, April 19 (Reuters) - Vivendi’s top shareholder Vincent Bollore is about to ask the company’s supervisory board to appoint his son Yannick as new chairman, he said on Thursday.

Bollore, who owns more than 20 percent of Vivendi’s shares via his family-controlled conglomerate, has been chairman of the French media group since 2014.

“It’s time to make room for a younger generation,” Bollore, 66, told the audience at Vivendi’s general meeting in Paris, stunning the board members that were attending.

“I’m not going to stay on for 50 years,” said the billionaire, who promised to hand over his group’s activities to his children on the bicentenary of his group in 2022.

Bollore’s son Yannick, 38, already sits at the board of Vivendi and heads advertising group Havas, which was absorbed by Vivendi last year.

His appointment will be proposed at board meeting that will immediately follow Vivendi’s shareholders meeting, Vincent Bollore said. (Reporting by Mathieu Rosemain Editing by Geert De Clercq)

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