David Elstein, chief executive at Channel 5, has left the channel and been replaced by programming director, Dawn Airey. The channel’s director of sales, Nick Milligan, is to become deputy chief executive.
Elstein, who became chief executive seven months before Channel 5 began transmitting in March 1997, is exercising his contractual share options as Channel 5 prepares for the challenge of building the audience share to 8% and beyond.
He said today: “My contract was geared to optioning my benefits as soon as I had completed four years in charge. I left it to the shareholders to choose the actual moment of exercise and they have acted at a time when the channel needs to take a deep breath, galvanise its forces and move on to stage two of its life.
“With all the senior team in place, there is no need for a handover period and the generosity of my contract terms allows me to consider my next step, free of the day to day pressures involved in running Channel 5.
“I am very proud of everything we have achieved, and our success reflects very well on the whole team. I am delighted that Dawn has agreed to lead that team and I am certain she will continue its successful progress.”
Dawn Airey said today: “David has secured his place in broadcasting history by establishing and creating the success that Channel 5 has achieved against all odds.
“I’m honoured to be leading the company into its next stage, where we have to consolidate and build on the considerable successes we have already achieved. It remains the company’s aim to drive share to new levels whilst still maintaining a lean cost base and an inventive approach to programming and scheduling. We want to retain the strategic advantage of being the most cost-effective terrestrial broadcaster in terms of viewing share per pound spent on screen.
“Whilst broadcasting is still our core business, we also remain committed to pursuing the e-commerce opportunities that the converging world offers us.
“This next phase will see increasing maturity and ambition, but I promise Channel 5 will not lose its characteristics of opportunism, dynamism and fun.”
Channel 5: 020 7550 5555
