Bloomberg News

Vivendi’s SFR Head Esser to Step Down, to Be Replaced by Levy

March 26, 2012

Vivendi SA (VIV) said Frank Esser, the head of its mobile-phone unit SFR, is stepping down and will be replaced by the group’s chief executive officer, Jean-Bernard Levy.

SFR has been losing customers to a new French operator, Iliad SA. (ILD)

Vivendi, which took over the SFR venture from Vodafone Group Plc (VOD) for almost 8 billion euros ($10.6 billion) last year, began a review of the wireless division last month and has frozen new projects, hirings and research. SFR’s earnings before interest, taxes, depreciation and amortization will drop at least 12 percent in 2012 and cash flow from operations will decline 15 percent to about 1.7 billion euros, Vivendi said on March 1.

To contact the editor responsible for this story: Vidya Root at vroot@bloomberg.net


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