Vivendi formally remove chairman

Jean-Marie Messier, the much-maligned chairman of Vivendi Universal, has been formally removed from his post and replaced by Jean-Rene Fourtou, of the pharmaceutical giant Aventis.

Messier’s removal had been expected for days, but was formalised at a hastily called board meeting. The move capped a spiralling crisis at the media giant whose shares lost 76% of their value this year.