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PeopleSMG pushed into major changes
Hanover Investors Management has forced a boardroom shake-up at SMG, with Richard Findlay replacing Chris Masters as chairman of the media group. Findlay is former chief executive of Scottish Radio Holdings, which he ran for 10 years.
Rob Woodward has been appointed chief executive, a position left without a permanent incumbent since the resignation of Andrew Flanagan last July. Woodward, former commercial director of Channel 4, said he had been observing SMG for some time and was delighted to have this opportunity to revive its fortunes.
David Dunn, Steve Maine, Martyn Smith Mary Rainey and Tim Gardam have also resigned as non-executive directors with immediate effect. Three new non-executives have been appointed as their replacements: David Shearer, Matthew Peacock and Vasa Babic. Peacock and Babic are both partners in Hanover.
These appointments came as SMG abandoned merger discussions with UTV, which the company attributed to both the boardroom appointments and “differing views over the level of SMG’s pension liabilities”.
Jeremy Warner in The Independent (1 March) said Hanover has an impressive track record at turning companies round, and though it faces massive structural challenges at SMG, it is hard to see how it can do any worse than the last lot.
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March 2007 |
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