Cyrille Bolloré, the chairman and head of one of the largest Universal Music Group (UMG) shareholders, resigned from his seat on the board effective immediately, UMG announced on Monday (July 28).

Bolloré is the chairman and CEO of the Bolloré Group, which owned 18.5% of UMG’s stock as of Dec. 31, 2024, according to its website. Bolloré is also a member of the supervisory board of Vivendi SE, which owns approximately 10% of the company’s stock, according to UMG’s most recent annual report.

UMG said Bolloré, son of Vincent Bolloré, is resigning to “focus his time and energy on the Bolloré Group.” The move follows a ruling from France’s securities regulator last week that the Bolloré Group must buy out shareholders of the original Vivendi company, which was split up last year, according to a Bloomberg report. The French regulator had months earlier blocked Bolloré Group’s plans to buy out three companies under its corporate umbrella.

“Mr. Bolloré remains strongly supportive of UMG’s management team and strategy,” according to a UMG press release. “The UMG Board is very grateful for Mr. Bolloré’s contributions to the company.”

Initially appointed as a non-executive director to UMG’s board in May 2022, Bolloré was reappointed in May 2024 for a second term, which would have ended next spring. As a non-independent director, Bolloré sat on UMG’s remuneration committee.

The Bolloré Group is a family-controlled holding company listed among the world’s 500 largest companies. Its holdings include investments in oil logistics, communication and industrial activities such as ultra-thin films and electricity storage.