Fru Hazlitt and Richard Eyre to leave GCap Media

GCap Media chief executive Fru Hazlitt and chairman Richard Eyre will leave the company on June 6 when Global Radio completes its takeover.

Ashley Tabor and Charles Allen, respectively Global’s chief executive and chairman, will temporarily step down from these roles in order to take on the same responsibilities at GCap from June 9.

The Office of Fair Trading has decided that the assets of GCap and Global should be “held separate” while a regulatory review into the takeover is completed.

Fru Hazlitt said: “The past year at GCap has been an extraordinary one. Despite the obvious challenge of taking on the role of Chief Executive just as we received a bid for the company, I believe we have achieved a lot and that the strategy we outlined in February has been a catalyst for change in the radio industry.

“I have been impressed and humbled by the professionalism and determination of the team here and will always have the greatest of respect and admiration for what they have accomplished. This is a great business with a tremendous future and I wish the new management team every success.”

Richard Eyre commented: “The leadership Fru has provided for this company in the most testing of circumstances has been exceptional. She has exceeded the high expectations of the board.

“On behalf of the GCap Board, I wish the Global team success. We pass on to them some of the finest assets in UK media, a business with a refreshed and contemporary strategy, and most importantly, a world class team of people.”

GCap accepted a £375 million takeover bid from rival company Global in April this year (see Global Radio To Acquire GCap For £375m), with Global paying 225p per share.

GCap Media: 0207 663 7000 www.gcapmedia.com