Mecom chief quits, could herald split-up: FD
Thursday 19 July 2012
The chief executive of British media group Mecom, which owns Wegener and Media Groep Limburg, resigned after a board meeting on Thursday following shareholder pressure.
Tom Toumazis joined Mecom less than a year ago but has been under fire since the company published a profit warning last month, the Financieele Dagblad said.
The paper says Toumazis' resignation may be a sign that the media group will be split up. Toumazis, the paper points out, said the company needs less central leadership and the Dutch, Danish and Polish units have good, experienced management teams.
Dutch regional paper group Wegener and the Limburg media group are responsible for more than half Mecom's annual revenues although profit has been hit by falling advertising revenue.
Last year Mecom rejected a bid for Wegener from a consortium of three Dutch banks.