CFO Petr Babicky appointed interim CEO
Prague, September 17th 2009 – Economia, the leading press and online publisher of business news and information in the Czech Republic and Slovakia, announced that Michal Klíma resigned from a Chief Executive Officer position and that Petr Babicky, the company’s Chief Financial Officer, was appointed interim CEO.
Mr Klíma will remain with the parent company of Economia, Respekt Media, and his new role will involve overseeing the development of Economia's media interests on the Czech and other markets.
Mr Klima’s decision to step down as CEO follows his oversight of a key period in the development of Economia, which involved the entry of Respekt Media into the business, a redesign of the Company’s flagship daily newspaper Hospodarske noviny (Economic News), and a strategic review of Economia’s business.
Mr Klima said: “Since joining Economia in 1998 I have had the privilege to lead and manage the Company through a series of positive developments, culminating in its acquisition by Respekt Media. I felt that it was time for me to step down and hand the baton to a new CEO to lead Economia through its next phase. I wish Economia every success and look forward to contributing to its performance from my new position.”
Zdeněk Bakala, Vice-Chairman of the Board of Directors of Economia, said:
“On behalf of the Board and everyone at Economia, I would like to thank Michal for his contribution to the Company over the past 10 years or so. And we are delighted that Michal has kindly accepted our request to remain with our investment group to manage and co-ordinate activities in the media sector.”
Petr Babicky, the CFO of Economia, has agreed to accept the post of interim CEO.
Following the completion of a review of Economia’s business by strategy
consultants, the Company intends to pursue a number of initiatives designed to drive the business over the next five years.
Notes for editors:
Economia is the leading publisher of business and financial newspapers, periodicals and professional trade magazines in the Czech Republic. In addition to the daily newspaper Hospodářské noviny (Economic News) and weekly magazines: Ekonom (Economist), Respekt (Respect) and Marketing & Media, Economia issues 18 other publications and operates approximately 20 websites, including the iHNed.cz news portal.
Economia is indirectly majority-owned by Respekt Media, which is controlled by Zdeněk Bakala, a Czech financier and businessman, and Crossroads Capital Investments Inc., an international investment group conducting business in Central and Eastern Europe.
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