Messier Seeks to Restore Confidence

Vivendi Universal’s chief executive moved Wednesday to restore investor confidence and save his job as the media giant’s shares went on another roller coaster ride.

After surviving a charged board meeting this week, Jean-Marie Messier set to work with the first of a series of bimonthly conference calls with analysts intended to fend off criticism about his stewardship. He said he had no plans to leave.

“I would be pleased, with the support of the board, shareholders and stakeholders, to run the company for another 15 years,” Messier told analysts in a conference call.

In another move to take a new tack toward communications, Messier said he would be prepared to see French shareholder activist Colette Neuville appointed to the company’s board as an independent director.

Neuville has asked a French court to call for an expert inquiry into corporate governance.

Vivendi shares reversed an initial 20% slide in Paris trading, closing up 7.78%. In New York, Vivendi shares rose 5% to $20.56 on the New York Stock Exchange.

Despite the resignation of his closest ally on the board, luxury goods billionaire Bernard Arnault, Messier retained his crown and, it was reported, fended off efforts by American board members to oust him.

However, many analysts still believe his job is at risk.

After lowering its debt forecast following Tuesday’s board meeting, Vivendi said Wednesday that it was convinced it could meet its financial obligations over the next year and that it had $3.21 billion in unused credit lines. It also announced plans for a bond issue of 1 billion to 2 billion euros this year to replace short-term debt.