Global Radio's Ashley Tabor is set to become the new chief executive of GCap Media, with Charles Allen to become chairman once Global Radio’s acquisition of GCap is completed on June 6th.
Fru Hazlitt, GCap Media chief executive, and Chairman Richard Eyre have decided to step down from their positions.
It is intended that the current board of GCap will be dissolved after the acquisition is completed. Other non-executive directors Peter Cawdron, Tony Illsley, Sir Peter Michael, Peter Williams and Peter W Williams will also leave the company.
The assets of GCap and Global will be “held separate” while the regulatory review is completed. Ashley Tabor and Charles Allen, respectively Global’s Chief Executive and Chairman, will temporarily step down from those roles in order to take on the same responsibilities at GCap from June 9th.
Commenting on the announcement, 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.”