Vincent Bolloré is due to step down from the Vivendi board in April, according to a statement included in the firm’s latest earnings report.
At the company’s shareholders’ meeting on April 15, shareholders will be asked to appoint Bolloré’s son, Cyrille Bolloré, as board member in his place. Another of his sons, Yannick Bolloré, is already Vivendi chairman.
At the same meeting, shareholders will be also asked to approve a resolution on Vivendi’s plan to convert into a European company, and to approve two resolutions relating to share repurchases.
“This new status will allow Vivendi to align its corporate form with both its business and cultural European roots,” said the company.
Based in France and present in 21 European countries, Vivendi generates 54% of its consolidated revenues in Europe and currently employs 53% of its staff there.