Mecom to conduct a strategic review including, potentially, further disposals. Tom Toumaziz to step down as CEO

The Board of Mecom Group plc has confirmed that it will be conducting a strategic review to examine all options for maximising shareholder value, including, potentially, further disposals.

Tom Toumaziz is to step down from his position as Chief Executive Officer in September.   Until then and as part of the transition he will assist Stephen Davidson, who will resume his previous role as Executive Chairman, in setting up the strategic review and in other matters.   Mr Toumazis will not be replaced as Group Chief Executive Officer.

The Group is announcing its interim financial results, which the report will be in line with market expectations, on 25th July.

Commenting, Tom Toumazis, said, “When I agreed to join the company in May last year, Mecom was a larger and different group to what it is today.  We had only just received an approach from Gremi to acquire Presspublica and approaches to acquire Edda were still some way off.   Both of these businesses have subsequently been sold, at very attractive valuations. All three of our remaining divisions are run by highly experienced executive teams and the Board and I have concluded that, particularly in light of the strategic review we are announcing today, the divisions will require much less central leadership than would normally be provided by a Group Chief Executive.”

Stephen Davidson, Executive Chairman, said, “Today’s announcement of a review of Mecom’s options is a logical step for the Company in light of the significant recent changes in the operating environment.”

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