Emilio Azcárraga Jean, executive president of the Televisa Group Board, requested an immediate leave of absence while an investigation is conducted by the U.S. Department of Justice in relation to the International Football Federation (FIFA), reported the largest media conglomerate in Latin America.
The investigation is part of a broader case involving several companies and executives in the corruption scheme known as 'FIFAgate,' which has shaken the football world in recent years. Since the revelation of the case's reopening in August, Televisa's shares have shown some volatility in the markets.
Azcárraga Jean, who has led Televisa for more than two decades, decided to step down amid increasing legal pressures faced by the conglomerate. Although his leave does not completely separate him from the company, the temporary departure of the executive president presents a key challenge for the media conglomerate at a complex time for the media industry in Mexico and globally.
The case involves alleged bribes to FIFA executives to obtain broadcasting rights for the football World Cups in 2018, 2022, 2026, and 2030. The company emphasized its commitment to fully cooperate with the authorities to clarify the facts and indicated that it cannot predict the outcome of the investigation or its material impact on the future of the company.
"Grupo Televisa disclosed that its Board of Directors approved a proposal from Mr. Emilio Azcárraga Jean... to take a leave of absence, effective immediately, while the investigation being carried out by the U.S. Department of Justice related to FIFA is resolved," the financial report sent to the Mexican Stock Exchange (BMV) stated.
Azcárraga Jean's decision to temporarily step aside highlights the seriousness of the matter and the importance of clarifying any implications in the FIFA case. The company is in a stage of economic and reputational uncertainty but reaffirms its commitment to transparency and cooperation with the authorities in this investigation process.
