Photograph for TIME by PATRICK SWIRC/CORBIS OUTLINE
TRIUMPHANT:
Vivendi CEO Fourtou basks in the glory of giving the giant French conglomerate a second chance.
The board at shell knew it needed to do something, and fast. A shock revelation in January that the world's third-largest oil company had overstated its proven petroleum reserves by 20% was pummeling its stock price and angering its shareholders. Regulators on two continents were opening far-reaching inquiries. So in early March the board took action, ousting Philip Watts, who had been managing director of the Anglo-Dutch company for almost seven years and chairman since 2001, and replacing him with Jeroen van der Veer, president of Shell's Dutch sister company, Royal Dutch...
