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Vivendi 'ax costs' plan calls for major Paris hq staff cuts
By Jon Newton, p2pnet.net
(more articles from this author)
2002-10-16
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Music Industry News - as it happens
Source: Mi2N/ - October 11, 2002

"A document concerning a project to reorganize the Vivendi Universal headquarters was given to the works committee of Vivendi Universal SA on October 10, 2002, thereby initiating the information and consultation procedures provided for in French labor regulations," says Vivendi in a tortuous statement.

Vivendi has been in serious financial trouble for some months and the 'project,' which affects both Vivendi Universal's Paris and locations outside France, aims to:

"Redefine and refocus the headquarters tasks on holding company activities; concentrate all those tasks in Paris, with New York becoming a representative office for the company, primarily responsible for functions relating to North America; and, achieve full-year savings of around ?140 million compared with the total 2002 budget of ?313 million."

It says these savings will be generated by a, "very significant cut in non-payroll costs (fees for external services, in particular), as well as a reduction in the number of employees at all headquarters sites".

It adds, "With regard to the Paris headquarters, the plan provides for cutting 152 positions out of a total of 327. To deal with this situation, in consultation with the labor unions, Vivendi Universal will take measures-in particular as regards job mobility-to ensure that all employees are offered a suitable solution, therefore excluding redundancy without accompanying measures."

Related News from Mi2N:
» Project To Reorganize Vivendi Universal Headquarters


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