Vivendi Chief Resigns

PARIS: Jean-Bernard Lévy is stepping down after seven years at the helm of Vivendi following a clash with the board over the strategic direction of the group.

Lévy has run the company as chairman of the management board since 2005; he joined Vivendi in 2002 as COO. In a statement, the Paris-based media and telecoms conglomerate said his exit comes "following a divergence of views on the strategic development" of the company. Vivendi has named its general counsel, Jean-François Dubos, as Lévy’s successor.

Lévy has been under pressure over the value of the company’s stock. Reports indicate that the board is interested in disposing of some assets and spinning off Canal+, whereas Lévy was said to be keen to keep the conglomerate intact.