New York and Paris, December
6, 2001 - Jean-Marie Messier, Chairman and CEO of Vivendi Universal [NYSE:
V; Paris Bourse: EX FP] announced today that he has, with regret, accepted
Edgar Bronfman, Jr.'s decision to resign from his position as Executive Vice
Chairman. Mr. Bronfman will remain Vice Chairman of the Board and a close
advisor to Mr. Messier.
"I deeply regret
Edgar's decision, but fully understand his wishes. Edgar has, since the beginning,
been my friend and partner in creating this company. Although I will miss
our day-to-day interaction, we will maintain our good friendship, and I am
pleased that he will remain an active and valued member of our Board and a
close advisor to me as we continue to build Vivendi Universal for the future.
"Edgar has played
a particularly active role and achieved great success in building a new company
following our merger. Edgar Bronfman, Jr.'s role was tremendously significant
in integrating our companies. The integration brought about the adoption of
Vivendi Universal's policies by the principal U.S. business unit leaders:
Doug Morris for Music; Ron Meyer and Stacey Snider for Universal Studios;
Ken Cron for Games; Nader Darehshori for Education; and Robin Richards for
Internet. Edgar's personal leadership style, his ability to build teams and
our shared vision has contributed greatly to the success of our new company.
He has been the architect behind the exceptional performance and leadership
positions of Universal Studios, in addition to creating the world's premier
music company, Universal Music Group. Now, Edgar, in accordance with his contract
and pursuant to our agreement that opens a 'window' on the first anniversary
of the merger, has decided that the time has come for him to seek new business
opportunities.
"At the end of our
first year," Mr. Messier continued, "Vivendi Universal is in a very
strong position, with solid performance in virtually every business. I am
deeply gratified by Edgar's confidence in our team and in the future growth
prospects of our company."
"Obviously, this
was a very difficult decision, but I believe it is the right choice for me
and the right time for the company," said Edgar Bronfman, Jr. "Our
integration has proceeded rapidly and smoothly, with clearly measurable results.
Vivendi Universal's businesses are leaders, and our first year's financial
performance will be very strong. I am particularly proud of the performance
of all the Universal entertainment businesses. Each one has had a remarkable
year and is a major contributor to the success of Vivendi Universal. The performance
of our combined enterprise has been a testament to the strategic logic behind
our vision, as well as the skill and talent of the entire Vivendi Universal
management team and our thousands of employee colleagues around the globe.
"My relationship
with Jean-Marie has grown over the last two-plus years, and we are much more
than two executives building a company. It has been a privilege and a pleasure
to work with him. Jean-Marie has become a close and good friend, and I continue
to have great confidence in his leadership and the future of this company
- and great confidence in an enduring friendship.
"As previously announced,
and as representative of my father's family, we have no plan to sell Vivendi
Universal shares in 2002.
"Given all that we
have achieved, this is a good time for me to step back from my executive responsibilities
and take some time to consider my next step. At this point, I have no firm
plans, other than to remain an active and constructive Board member. As a
representative of the largest shareholder, I will remain focused on creating
value and growth for all the shareholders of this great company," concluded
Mr. Bronfman.
Note to Editors:
A letter to employees of Vivendi Universal worldwide from Edgar Bronfman,
Jr. is attached
to this press release or available through the media contacts listed below.
About Vivendi Universal:
Media and Communications and Environmental Services: The media and communications
business is divided into five business segments: Music, Publishing, TV and
Film, Telecoms and Internet. The Music business is conducted through Universal
Music Group, the world's leading music company, which develops, acquires,
manufactures, markets and distributes recorded music through wholly owned
operations or licensees in 63 countries around the world. Universal Music
Group's other businesses also include one of the world's largest music publishing
companies, which involves the acquisition of rights to, and licensing of,
musical compositions. The Publishing business is a worldwide content leader
in its core markets: education/literature, games, and healthcare information.
It provides content across multiple platforms. The TV and Film business produces
and distributes motion picture, television and home video/DVD products worldwide,
operates and has ownership interests in a number of cable and pay-TV channels,
engages in the licensing of merchandising and film property rights and operates
theme parks and retail stores around the world. The Telecoms business provides
a broad range of telecommunications services, including mobile and fixed telephony,
Internet access and data services and transmission, principally in Europe.
The Internet business manages the strategic Internet initiatives and new online
ventures for Vivendi Universal. Utilizing advanced digital distribution technology,
the Internet business develops e-commerce, e-services and thematic portals
that offer access to the Internet via a variety of devices, including mobile
phones, PDAs, interactive TV and computers. Vivendi Environnement is a 63-percent
owned subsidiary of Vivendi Universal, which operates the environmental services
business, with operations around the globe.
MEDIA RELATIONS CONTACTS:
New York - Vivendi Universal
Anita Larsen212-572-1118, or
Mia Carbonell212-572-7556
Paris - Vivendi Universal
Antoine Lefort
011-33-1-71-71-1180
Alain Delrieu
011-33-1-71-71-1086
INVESTOR RELATIONS
CONTACTS
New York - Vivendi Universal
Eileen McLaughlin
212-572-8961
Paris - Vivendi Universal
Laurence Daniel
011-33-1-71-71-1233
