Exclusive: Vivendi CFO Capron to be named Veolia CFO - sources

Wed Oct 30, 2013 12:25pm EDT
 
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By Matthieu Protard and Leila Abboud

PARIS (Reuters) - The chief financial officer of Vivendi (VIV.PA: Quote), Philippe Capron, will move to the same post at Veolia Environnement (VIE.PA: Quote), a blow to the media and telecom group in a time of transition, four sources familiar with the situation said.

Spokesmen for both companies declined to comment on Wednesday.

The departure of Capron, who has been with Vivendi since 2007, will deprive the conglomerate of a key executive in the middle of a restructuring aimed at selling telecom assets and focusing more on media activities.

Vivendi is working on a spin-off and listing of its French telecom unit SFR next year when Capron would have had an important role explaining the deal to bond and equity investors.

Veolia, which specializes in waste and water services, will gain an executive to help it with an ongoing turnaround and debt reduction plan.

It had been looking for a finance chief since September when Pierre-Francois Riolacci announced that he would join Air France-KLM (AIRF.PA: Quote).

"Veolia is expected to announce the name of the new CFO on November 7 with the quarterly results, but it has not been finalized so it would be premature to announce now," said a source familiar with selection process.

Vivendi's shares fell 1.4 percent to 18.50 euros at 1544 GMT, while Veolia's were up 0.80 percent to 12.54 euros.   Continued...