Diller Drops Universal CEO/Co-Chair Post
Created 03/19/2003 - 00:00
Barry Diller has resigned as co-chairman/CEO of Vivendi Universal Entertainment to end investors' concerns about him also being head of USA Interactive. USA Interactive just unveiled plans to buy control of online service Expedia.com in a deal valued at $3.3 billion. Most of Diller's investments rest with USA Interactive where he is CEO/chairman. "My executive role was never intended to be permanent," Diller said in a statement. "Now that Vivendi Universal has begun a formal process and reviewing options for its entertainment assets, it is appropriate to step aside from any direct management responsibility. USA Interactive and I remain shareholders of Vivendi Universal Entertainment and we are all hopeful for a speedy resolution of its future."