Vivendi Names Chief Financial Officer
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In a move to restore investor confidence in Vivendi Universal, the company’s new management team has named a respected French TV executive as its new chief financial officer.
Jacques Espinasse, chief operating officer at French satellite TV consortium TPS, faces a daunting task as Vivendi copes with a cash crunch and an investigation by French regulators into its financial communications with investors. The company recently secured a $1-billion loan with banks and is said to be negotiating a second loan for $2 billion to $3 billion.
The 59-year-old executive replaces Guillaume Hannezo, who had close ties to former Chief Executive Jean-Marie Messier, ousted in a boardroom coup two weeks ago.
Vivendi said Hannezo, whose departure was widely expected, will serve as an advisor to its new chairman and current CEO, Jean-Rene Fourtou, for six months.
Richard Verrier
Inside the business of entertainment
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