Emap Chief Executive Quits

Tom Maloney, Emap chief executive, has quit the group with immediate effect. He will be replaced by Alun Cathcart, currently non-executive chairman, as interim executive chairman.

The move has lead some to believe that Emap could be the subject of a takeover bid.Following the announcement, shares in the group rose by more than 4% to 874p in early trading.

Alun Cathcart, executive chairman, said: “The Board thanks Tom for his dedicated service to Emap throughout his career and for the last four years as Chief Executive.

“Tom has made a significant contribution to the Company’s development and leaves Emap positioned for growth in the new digital era. We wish him well for the future. The board has a clear strategy which we will vigorously execute to deliver growth and value for our shareholders.”

Moloney added: “Emap is a company with many talented people, the business is moving steadily into digital and I am confident that it has a very bright future.”

Emap’s consumer business has recently been undergoing a structural review which has seen staff losses as the company pushes further into the digital arena (see Huge Job Cuts At Emap Ahead Of Group Results).

Emap: 01733 568 900 www.emap.co.uk