PARIS (Reuters) - Billionaire Vincent Bollore, Vivendi's number one controlling shareholder, will leave the media giant's board in April in a sign that he is further withdrawing from his businesses, the Paris-based company said on Thursday.
Vivendi's shareholders will be asked to appoint Bollore's son Cyrille, who runs the family-owned listed group, at the next shareholder meeting scheduled on April 15, the group said in a statement.
Vincent Bollore, 66, has pledged to hand over all of his businesses to his four children by 2022. At Vivendi's last general meeting, he stunned shareholders by telling them he would be replaced by his son Yannick as chairman.
Vivendi (PA:VIV) reported a 25 percent jump of its full-year core operating profit at constant currency and perimeter to 1.29 billion euros ($1.46 billion), thanks to the strong performance of Universal Music Group, the world's biggest music label.
Revenues grew by 4.9 percent at constant currency and perimeter to 13.9 billion euros, roughly in line with market expectations.