Financial Services Industry
Industry: Email Alert RSS FeedVivendi cleans out board as stock soars.
Financial News, December, 2002
Byline: William Wright
Just four Vivendi Universal board members from the ancien regime under Jean-Marie Messier are still directors after a mass clearout of the board by Jean-Rene Fourtou, the French media group's chairman and chief executive.The departure of 15 of the 19 board directors in place at the beginning of this year marks one of the most drastic clearouts at any company in Europe. One senior source at the company said: "It is important for Vivendi to make a clean break with some of the mistakes that were made in the past. It is normal that the composition of the board should change."
The board changes come as Vivendi shares last week reached their highest levels since the liquidity crisis in August and the launch of Fourtou's restructuring...
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