Richard Huntingford will take full management control of Virgin Radio as executive chairman from October 1st. The news of his appointment came last month after he left Chrysalis, where he esablished their radio division in 1993.
In a trading update issued this morning, SMG reports [i]Virgin Radio continues to outperform other listed radio groups and leads the way in digital listening. Virgin Radio is performing ahead of budget going into the second-half, the 2008 forecast is for continuing strong performance; the Board believes this performance will enhance Virgin Radio's value.[/i]
Richard Findlay, Chairman, commented: "SMG is on track to deliver its turnaround plan. The disposal of Primesight will reduce debt significantly and, in Richard Huntingford, we have appointed a very strong leader for Virgin Radio. stv remains our core focus, and the management team is making real headway in executing the plan we outlined in June."
Rob Woodward, Chief Executive, said: "Despite difficult market conditions, we have delivered to plan over the last three months, disposing of Primesight, improving Virgin Radio's outlook and beginning the turnaround of stv, our core business. In TV, further cost reductions will benefit 2008. We are turning around the business, delivering on the plan communicated in June and we look forward to the future with confidence."