Johnston Press’ chief commercial officer, Neil Jones, is to leave the regional publisher, with immediate effect, after just five months in the role, Newsline has learned.
Jones, who became CCO after a two year stint as the publisher’s group commercial & marketing director, was in the process of turning the traditional print business in to a digitally led, multimedia operation.
John Bills, MD, Johnston Press, South Yorkshire and Peaks, will take on Jones’ duties on an interim basis until a permanent successor is appointed.
The news comes during a tough time for the regional publisher, which reported a loss of £287 million in 2013, alongside a significant decrease in advertising revenue.
In 2013 advertising revenue declined -6.4% on an underlying basis, while unadjusted ad revenues were down -10%. In January and February this year, advertising revenues were also down -6%.
However, in May the publisher successfully completed a £360 million capital refinancing plan to slash its debt by more than a third, having raised £140 million from a rights issue and a further £220 million from a new fixed rate bond.
The publisher also struck a regional advertising partnership with Sky, which took a 1.6% stake in return for a £5 million investment in the publisher. The deal will see local firms able to run targeted TV ads via the new Sky AdSmart platform.
In a statement, Jones said: “I marked my second anniversary this week and have decided it’s the right time to look at other opportunities after first taking some time out to spend with my family. As a result of the recent, successful refinancing Johnston Press is in far better shape than it was when I joined and I want to wish the company well going forward.”
Ashley Highfield, CEO, Johnston Press, added: “I would like to thank Neil for his contributions over the past two years as we have been transitioning Johnston Press into a multi-media company.”
Jones joined Johnston Press from News International, where he was director of commercial strategy. He was previously managing director at Carat where he worked for 17 years.
