By Sam Schechner
PARIS--Vivendi SA (VIVEF, VIVHY, VIV.FR) Chief Executive
Jean-Bernard Levy stepped down at a board meeting Thursday evening,
following a "divergence of views on the strategic development of
the group," the company confirmed.
Longtime Vivendi executive Jean-Francois Dubos, currently
general counsel, is assuming Mr. Levy's role effective immediately,
the company added. At Vivendi's French telecom unit, SFR, where Mr.
Levy had been the interim chief, Vivendi executive Stephane Roussel
will step in, Vivendi said.
Mr. Levy, who has been with Vivendi for a decade, is being
squeezed out as the board has slowly shifted its view to believe
the company's assets should be hived off, or even split apart
altogether, according to a person familiar with the matter.
The conglomerate's holdings include French phone operator SFR,
music giant Universal Music Group, videogame publisher Activision
Blizzard, French pay-TV company Canal Plus, and African phone
operator Maroc Telecom.
Shares shot up 5.5% Thursday to 14.195 euros ($17.72), after
earlier media reports of Mr. Levy's exit.
Write to Sam Schechner at sam.schechner@wsj.com