Vivendi Names New Head of M&A

Vivendi Universal promoted media industry dealmaker Jay Itzkowitz to the position of senior vice president of m&a in May. Given the pressures on Vivendi Universal, Itzkowitz will likely play a central role in the company’s debt restructuring and debt reduction activities. The company’s stock has fallen by nearly half this year and critics have questioned the strategic and decisionmaking skills of the company’s management. “Since joining Vivendi Universal, Jay has assumed a meaningful role in our ongoing plan to reduce debt and build the company’s long-term financial strength,” said Vivendi Universal chairman and CEO Jean-Marie Messier. Itzkowitz came abroad as SVP and associate general counsel in February. Prior to joining Vivendi, he had a 10-year career at News Corp. He had served as EVP and general counsel of Sky Global Networks Inc. – the acquisition vehicle for News Corp.’s unsuccessful attempt to acquire Hughes Electronics Corp. Before that, he was based in London for several years as director of legal affairs for News International, another division of News Corp. Itzkowitz says that in light of Messier’s recent statements that Vivendi will make no significant acquisitions in the near future, he will be working primarily on divestitures. He notes that whether you are buying or selling companies, the same skill set is called for. In his case, this includes his experience in buying and selling companies in a variety of international settings for News Corp. owner Rupert Murdoch. “Rupert used me for many international transactions because I’ve spent a lot of time abroad and was able to function as the News Corp. point person for a lot of their international m&a.” It is this background that he will draw on at Vivendi. In his time at News Corp. he worked on deals for its News America unit and various Fox companies. For Fox, he was instrumental in the launch of the Fox News Channel, the founding of the Fox Sports Net, and the formation of Fox Kids Worldwide, and helped implement Fox’s agreement to acquire an interest in Madison Square Garden. In addition to his work with Fox Television, Itzkowitz has also been closely involved in many transactions for parent company News Corp., including the acquisition of Star TV in Hong Kong, the acquisition of interests in Zee TV and United Television in India, the formation of the World League of American football with the NFL, and the formation of the Sky Latin America DBS joint ventures with Televisa and Globo. Itzkowitz says that the challenge he faces at Vivendi is to review the company’s assets with an eye to raising cash and to focus on managing the properties well. “We have a collection of assets that are superb. Universal Music Group and Canal Plus are some of the crown jewels of the media world. Our job is to realize the greatest values out of these terrific assets.” Itzkowitz, a graduate of Harvard University and Rutgers Law School, began his professional life as an associate at the New York law firm Paul, Weiss, Rifkind, Wharton & Garrison. Before joining News Corp. in 1992, he was VP of business affairs at Carolco Pictures Inc. Summing up how he will approach the challenge he faces at Vivendi, Itzkowitz says that he will use some of the creative thinking about deal structures that he learned while working for Murdoch to assist Vivendi in managing its assets under the pressures and challenging circumstances the company is facing. Leary Masson & Associates LLC – Benjamin Duster was appointed head of this financial firm’s restructuring practice. Prior to joining Leary Masson, he led the middle-market m&a practice at Wachovia Securities. Service Appointments Marlin & Associates – Courtney Wood, formerly the chief strategist for Cap Gemini Ernst & Young, has come aboard at this m&a firm. Marlin concentrates on deals in the software and digital information sectors. McDermott, Will & Emery – Gregory D. Puff was named a partner at this law firm, where he specializes in m&a. Previously, he had been with Sherman & Sterling. Sherwood Partners – James Ward has been appointed SVP in charge of this consulting firm’s new corporate due diligence practice. He had been a partner at Palmer, Turner & Yemenidjian, an accounting firm. Torys LLP – Daniel M. Miller has joined this law firm. He is a specialist in U.S.-Canada cross-border securities transactions and m&a. He had been with Paul, Weiss, Rifkind, Wharton & Garrison LLP. Private Equity Appointment Saratoga Partners – Damon H. Ball has joined this firm as a managing director. Previously, he had been an independent financial adviser and a senior adviser to the firm. Corporate Appointments Delco Remy America Inc. – Harry E. Schmink has been appointed VP of business development, responsible for leading m&a activities at the firm. Delco Remy supplies automotive and electrical equipment. Hillenbrand Industries Inc. – Catherine Greany has been hired as VP of corporate development at this funeral services company. She had been VP of m&a at Omnicare Inc. Koch Industries – Ron Vaupel was named VP of business development at this energy company. He had been president of Koch Hydrocar-bon LP. Organogenesis Inc. – Gary S. Gillheeney has been named VP of corporate development, CFO, and treasurer at this biotechnology company. He previously worked in senior financial management positions at Providence Energy Corp. PointBase Inc. – Ronald H. Bissinger was appointed EVP of finance and corporate development and CFO at this database company. He had been CFO at Ultradata. Sirius Computer Solutions – Joe Mertens has been hired to lead this computer reseller’s business growth and acquisition strategy. He had been a senior executive at Avnet Inc.