Espinasse faces a daunting task as Vivendi copes with a cash crunch and an investigation by French regulators into its financial communications with investors. The company recently secured a $1 billion loan with banks and is said to be negotiating a second loan for $2 billion to $3 billion.
Espinasse had been tipped as Hannezo's most likely successor.
He joins the company at a critical time. Debt-ridden Vivendi is negotiating a second round of short-term financing with its creditor banks, vital for its survival.
Fourtou, who took over from Messier earlier this month, is reviewing Vivendi's strategy. Some have suggested the company could be dismantled as it seeks to lower its $17 billion debt through asset sales.
Espinasse, who holds an MBA from the University of Michigan, has held a number of senior management posts, including CFO of the Havas group starting in 1985 and Senior Executive VP of Havas when it was privatized in 1987.
THE COUNT: COLDPLAY IS HOT, COUNTRY'S COOKIN' IN THE U.K.
The latest tidbits from the bustling live sector (3/28a)
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THE NEW UMG
Gosh, we hope there are more press releases.
TIKTOK BANNED!
Unless the Senate manages to make this whole thing go away, that is.
THE NEW HUGE COUNTRY ACT
No, not that one.
TRUMP'S CAMPAIGN PLAYLIST
Now 100% unlicensed!
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