Johnston Press PLC CEO Resignation (6631M)
May 01 2018 - 1:00AM
UK Regulatory
TIDMJPR
RNS Number : 6631M
Johnston Press PLC
01 May 2018
1 May 2018
Johnston Press
CEO Resignation
Johnston Press plc today announces that Ashley Highfield has
resigned from his directorship and position as Chief Executive
Officer. He has agreed with the board that he will not put himself
up for re-election at the AGM on 5 June. Ashley is leaving for
family reasons and in order to fulfil his plans to transition to a
be a 'plural' Non-Executive Director as the next phase of his
career.
As a result of Ashley's resignation, Johnston Press will appoint
David King, currently Chief Financial Officer, to replace Ashley as
CEO. David will step into the role of CEO with effect from the AGM.
David's replacement will be announced in due course.
Camilla Rhodes, Chairman of Johnston Press, said:
"On behalf of the Board, I would like to thank Ashley for his
significant contribution since becoming CEO in 2011. We are sorry
that he felt that his personal circumstances required a change at
this time. Ashley oversaw the successful acquisition of the i
newspaper, has driven growth in our digital footprint, while making
substantial progress in reorganising and restructuring our
business. We wish him every success in the next phase of his
career. I am pleased to announce that David King will step up to
become CEO. David has worked closely with the Board on our
strategic review of financing options. I am confident that David
will prove to be a strong leader and his transition to the CEO role
provides stability to the business at this important time."
Ashley Highfield said:
"I have been privileged to lead Johnston Press during a period
of unprecedented turbulence in our industry. Since 2011 we have
grown our overall audience in particular our digital business,
created an industry leading tele-sales operation and maintained
margins. The acquisition of the i newspaper has been a particular
highlight. I am proud of what the Board and my colleagues have
achieved and would like to thank them all for their support. I wish
David every success in his new role."
- Ends -
Contact:
Powerscourt
Peter Ogden +44 7793 858 211
Notes
David King is a Chartered Accountant. He joined the Company in
2013 as CFO. Previously, he was CEO at Time Out Group, the print
and digital entertainment information business and CFO of BBC
Worldwide. He previously worked in financial services and as a
management consultant with Coopers & Lybrand (now PwC).
Ashley's last day as CEO will be June 5 2018. He will not
receive any salary after this date and there will be no further
payments in lieu of notice. He previously decided to defer his
bonus of GBP249,000, granted to him in respect of achievement of
2017 targets.
About Johnston Press
Johnston Press is a leading multimedia business with a vibrant
mix of news brands that reach national, regional and local
audiences. We provide news and information services to local and
regional communities through our extensive portfolio of hundreds of
publications and websites.
Sharing information and opinion remains at the heart of what we
do and our titles, which include iconic publications such as the i
newspaper, The Scotsman, The Yorkshire Post and News Letter in
Northern Ireland are read via traditional print, online platforms
and mobile devices by 37.8 million people every month.
We are experts in combining national reach with local targeting
and are better equipped than ever to help advertisers tell their
stories, too, through our trusted platforms.
Forward-looking statements
The report contains forward looking statements. Although the
Group believes that the expectation reflected in these forward-
looking statements are reasonable, it can give no assurance that
the expectations will prove to have been correct. Due to the
inherent uncertainties, including both economic and business risk
factors underlying such forward looking information, actual results
may differ materially from those expressed or implied by these
forward looking statements. The Group undertakes no obligation to
update any forward-looking statements, whether as a result of new
information, future events, or otherwise.
Market abuse regulation
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
Johnston Press Legal Entity Identifier: 213800JFIBCR4LGUA242
Classification: Inside Information.
This announcement is being made in accordance with Listing Rule
9.6.11 (2) .
This information is provided by RNS
The company news service from the London Stock Exchange
END
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May 01, 2018 02:00 ET (06:00 GMT)
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