Vivendi's new Mess: severance. (CEO Pay).(an arbitrator orders Vivendi Universal S.A. to pay Jean-Marie Messier $23.5 million in severance)
Multichannel News, July, 2003 by Farrell, Mike
A New York arbitration tribunal has ordered Vivendi Universal S.A. to pay its former chairman, Jean-Marie Messier, 20.6 million euros ($23.5 million) in severance--a ruling the French conglomerate intends to fight.
Messier was ousted by Vivendi's board of directors last July, after running up a huge debt in an acquisition spree that left the French giant on the verge of bankruptcy At the time of his departure, Messier said the company was required to honor his U.S. termination agreement, which Vivendi claimed its board of directors never approved. The two parties agreed to arbitration to settle the matter in April.
"After reviewing the tribunal findings, Vivendi Universal intends to challenge this decision through all available legal actions,...
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