Montgomery quits Mecom

first_img Tags: NULL whatsapp Montgomery quits Mecom KCS-content whatsapp More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com DAVID Montgomery, the media entrepreneur and former head of Mirror Group Newspapers, yesterday announced his intention to retire from Mecom, the group he founded to exploit the integration of a number of European newspaper titles.Montgomery’s decision to retire in January follows pressure from a number of the company’s leading shareholders who wanted him to go. The shareholders have argued the group should concentrate on its Dutch assets and invest less in some of the other properties and possibly sell them if it could attract the right price.It was unclear yesterday who would take over from Montgomery. Prior to yesterday’s announcement, the dissident investors had been proposing Patrick Tillieux, a former chief executive of the Scandinavian broadcaster SDS.Mecom said its board would conduct a search to find the person best to succeed Montgomery. It said Montgomery had decided to leave following “pressure from certain shareholders”, without elaborating.Montgomery slashed costs and jobs as he sought to drive his local-newspaper businesses in the Netherlands, Denmark, Norway and Poland into the digital age in the face of the industry’s worst-ever recession.In July, the company posted a 48 per cent leap in first-half operating profit and a two per cent fall in revenue. Jonathan Barrett of Singer Capital Markets says the Mecom founder would have undoubtedly preferred to have been given longer to improve the group’s fortunes. He said: “I am sure he would rather have seen more of his plans being executed.” Show Comments ▼ Thursday 9 September 2010 8:38 pm Sharelast_img

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