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Executives leave Veolia

The chief operating officer of Veolia Enivronnement has left the company following a management reshuffle.

Denis Gasquet left the environmental services firm – parent company of Veolia Environmental Services UK – with immediate effect.

Also leaving the company are secretary-general Olivier Orsini, and senior executive vice-president of public entities and European affairs Jean-Pierre Fremont.

The reshuffle by chief executive Antoine Frérot follows reports of a coup attempt last month by former chief executive Henri Proglio.

Veolia is set to embark on the sale of €5bn (£4.1bn) of assets and the withdrawal from 77 countries in an attempt to reduce its €55bn debt.

The company said on Friday it was committed to cost savings of €420m by 2015; and the reductions of net financial debt to below €12bn by 2013.

The group reported a net loss of €489.8m in 2011 following substantial restructuring costs and write downs across its global business.

VES UK reported a 6.7% rise in revenue to €1.65bn over the same period.

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