Bolloré to ‘step down’ as Canal+ chair in handover

Vincent Bolloré is set to quit as chairman of Canal+ this summer, with his son Yannick likely to join the company’s board, according to a report by French daily Le Figaro.

According to the paper, citing an unnamed source close to the matter, Bolloré intends to hand over the reins at Canal+ sometime over the summer to focus more on parent company Vivendi, of which he is also chairman.

Bolloré took control of the pay TV broadcaster last year amid concerns about its direction and profitability and drove through a series of management changes.

The media tycoon told French Senate hearing on Wednesday that his intervention and Canal+’s new direction would bear fruit and that the broadcaster would recover from its recent loss of subscribers.

Bolloré is expected to find a place on the Canal+ board for his son Yannick Bolloré, CEO of Havas, either this year or next at the latest, while there has been speculation that Arnaud de Puyfontaine could take over Bolloré senior’s role as chairman.

However, Le Figaro reports that the arrival of Yannick Bolloré does not mean he will be given a supervisory role, with operational control likely to remain in the hands ofCanal+ president Jean-Christophe Thiery and CEO Maxime Saada.