The 63 year old Jean-René Fourtou was last night appointed Chief Executive of the stuggling entertainment group Vivendi Universal. He immediately promised an immediate wide-ranging review of strategy and a solution to the financial crisis facing the business. Jean-Marie Messier, who resigned after the company plunged in to financial crisis following reports of false accounts, made no announcement on his official departure. Mr Fourtou told reporters he had "every confidence" in the company's ability to address the company’s cash crisis. The company’s share price on the Paris stock exchange continued to fall however. Mr Fourtou is also vice chairman of the drugs firm Aventis and has experience of restructuring troubled businesses. Whether this will be enough to prevent the much talked about break up of the group – which would put Universal Music (Mercury, Polydor and Island in the UK) up for sale is yet to be seen.
Jul 4, 2002
•
1 min read
New CEO appointed at Vivendi
Jean-René Fourtou has been appointed chief executive of Vivendi Universal, promising a wide-ranging strategy review and a solution to its financial crisis.