Chief Executive of Paris-based entertainment group Vivendi, Jean-Bernard Lévy, has stepped down from his position due to a “divergence of views on the strategic development of the group”.
Vivendi, which owns Universal Music Group, recently hit a nine-year low stock price due to lower profits registered by its telecommunications business, after which the company reported they weren't expecting to return to earnings growth until 2014.
Lévy stepped down following the company's annual two-day meeting in Paris, where management and supervisory boards met to discuss its strategic development. The Wall Street Journal have reported that disagreements between Lévy and the board came to a head during the meeting.
In order to increase profitability, a split of the company's assets has been discussed and it is reported that Mr Lévy didn't feel he should be responsible for dismantling the conglomerate. As well as Universal Music Group, the company operates telecommunications in France, Brazil and Morocco, as well as Pay TV service Canal+ and video game giant Activision Blizzard.
Vivendi has stated that its general counsel Jean-François Dubos will become chair of the company's management board.
