Vivendi Appoints New Chief Financial Officer

Officials from French media conglomerate Vivendi, parent of Vivendi Games, have announced that the major media company has appointed Philippe Capron as the group's new chief financial officer and member of its management board. The appointment followed Vivendi's annual general meeting, which took place on April 19, and saw a record quorum of nearly 2,000 shareholders represented. Prior to joining Vivendi, the executive served as the director of financial affairs with major steel producer Arcelor. Capron joined the group on January 1 as executive vice president, and succeeds Jacques Espinasse as a member of the management board. According to Vivendi, Espinasse indicated his desire to resign from his operational responsibilities at Vivendi over a year ago, in order to devote himself to his duties as an independent director. Espinasse joined Vivendi in 2002, and was one of the key individuals responsible for the group's recovery and subsequent development. One of the most significant drivers in Vivendi's financial health recently has been the continuing success of Blizzard's World Of Warcraft. Earlier this year, the company’s Vivendi Games video game business, which includes Blizzard Entertainment and a revitalized Sierra division, posted revenue gains of 33.1 percent to €326 million ($422m) for the fourth quarter.