Ubisoft CEO “Delighted” With Shareholder Support as Vivendi Threatens Independence
Although the threat of a hostile takeover by Vivendi is far from over, Ubisoft has earned support from its shareholders that will help the company in its fight to remain independent. At its annual meeting this past Friday, Ubisoft’s shareholders not only approved the renewal of some Board of Director positions, but also approved the appointment of company-nominated independent directors, Corinne Fernandez-Handelsman and Virginie Haas.
This is a big win for the Assassin’s Creed developer as it wanted to maintain a majority of independent members on the board. CEO Yves Guillemot, who co-founded Ubisoft in 1986, said in a statement:
We are delighted with the massive support of shareholders, which strengthens our determination and ability to defend the interests of all shareholders, and to pursue our strategy of growth and value creation. Ubisoft consolidates its position in the industry among the world’s leading video game and entertainment companies.
Ahead of the meeting, Bloomberg quoted Guillemot as saying that a video game company would not be able to thrive under a media conglomerate. “In our industry, independence is needed to take risks, to be innovative,” he explained. “That is not compatible with Vivendi’s way of operating.”
Vivendi currently holds 27 percent of Ubisoft’s capital share.