* CFO latest executive departure at loss-making broadcaster
* Time Warner owns almost half of group
PRAGUE Oct 17 The chief financial officer of
broadcaster Central European Media Enterprises
is to quit, the latest departure at a loss-making
group where major shareholder Time Warner has been
strengthening its hold.
CME, facing falling advertising income in its six central
and eastern European markets, saw its veteran chief executive
quit in August, to be replaced by two joint CEOs with
backgrounds at Time Warner, which has 49.9 percent of the
The Bermuda-headquartered company, founded by billionaire
Ronald Lauder, said in a statement on Thursday that chief
financial officer David Sach would leave from October 29.
Anthony Chhoy, executive vice president for strategic
planning and operations, would leave on November 15.
"It was a mutual decision between him and the board,"
investor relations head Mark Kobal said, referring to Sach.
Sach's deputy, David Sturgeon, will stand in as CFO until a
replacement is found, CME added.
CME shares traded down 3.4 percent before Prague's closing
The company raised prices this year, a move which many
customers balked at, including in its biggest market, the Czech
Republic, but which the company says will return it to growth.
Last week, the head of its Czech flagship station resigned.
and in July the company halved its guidance for
2013 core profit after first-half results.
CME, wanting to cut its debt load, reduced net debt to $795
million at the end of June from $1.066 billion at the end of
March following equity offerings and debt repurchases.
The two new joint chief executives are Christoph Mainusch,
who most recently worked as a consultant for Turner Broadcasting
International, and Michael Del Nin, senior vice president of
international and corporate strategy at Time Warner since 2008.