Billionaire Bollore anoints son Yannick as new Vivendi chairman
The top investor says it’s time to make room for a younger generation — but stays himself ahead of a showdown in Italy
PARIS — Vivendi’s top investor Vincent Bollore stunned shareholders and board members on Thursday by anointing his son Yannick as chairman only days before the company faces a crucial showdown in Italy. The 66-year-old billionaire, chairman since 2014, made the announcement at the end of the French media giant’s annual general meeting, capping a tumultuous period in which he launched an acquisition spree in France and Italy before becoming embroiled in a shareholder battle with US activist fund Elliott over the leadership of Telecom Italia. "It’s time to make room for a younger generation," a smiling Bollore told shareholders gathered at Olympia, the renowned Parisian music hall. Evoking the successful TV series Versailles, he said: "In one episode, the king, Louis XIV, looks through the window and tells his son: all of this will be yours … but the son did not get anything because the king remained for 50 years. I’m not going to stay on for 50 years." The proposal quickly received t...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.