Vivendi Universal last night attempted to restore some investor confidence as it confirmed the appointment of Jean-René Fourtou, 63, as chairman and chief executive.

Mr Fourtou promised an immediate wide-ranging review of strategy and a solution to the financial crisis facing the business. The resignation of Jean-Marie Messier, who transformed the 150-year-old utility into the world's second largest media company, was formally accepted at a board meeting in Paris.

To the disappointment of the world's press, Mr Messier failed to turn up to the meeting after bidding a tearful adieu on the previous night. He was reported to be negotiating a severance package worth €18m (£11.6m), a sum likely to enrage shareholders.

Mr Fourtou said he had "every confidence" in the company's ability to address the media group's cash crisis. The soothing comments came too late to make any immediate impact on investor sentiment. Shares in the company had fallen a further 22% in Paris to €13.90 after slumping by 25% on Tuesday.

"In the next two weeks, all possible measures will be taken to improve the situation, particularly in terms of the short-term cash position," Mr Fourtou said. "Vivendi Universal has everything it needs to be optimistic about the future."

A "financial and strategic diagnosis" would be completed in less than three months, he added. Mr Fourtou is vice chairman of the drugs firm Aventis and has experience of restructuring troubled businesses.

There is much speculation that the company, saddled with €19bn of debt, will be broken up. Assets include the Universal Hollywood studio, publishing interests and a record label.

Claude Bébéar, chairman of the French financial services group AXA and one of the figures behind the ousting of Mr Messier, will be joining the board. He will head a finance committee formed to ensure transparency and resolve the short-term financial issues.

Philips chief executive Gerard Kleisterlee also joins the board. A separate strategy committee will be headed by Henri Lachmann.

Advisers to French president Jacques Chirac, concerned about the fate of domestic television and water businesses, met directors and financiers ahead of last night's board meeting. The government said it was paying "close attention" but said it would not interfere.