GCap confirms appointment of former Virgin Radio CEO as London MD UPDATE |
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Wed, 17 Jan 2007 09:04
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(Adds detail and closing share price)LONDON (AFX) - GCap Media PLC, the UK's largest commercial radio broadcaster, said it has appointed Fru Hazlitt to the new position of managing director, GCap London, confirming reports.Hazlitt, formerly chief executive of Virgin Radio, will take responsibility for Capital Radio and Choice FM, in addition to GCap Media's national commercial sales and online operations, and will report to CEO Ralph Bernard.She will begin the role on May 1.'Fru's unrivalled radio, commercial and online experience will prove tremendous assets to the group,' Bernard said in a statement. 'She is committed to returning Capital Radio to the number one position in London, developing the London portfolio and maximising the commercial potential of our strong brands both through traditional radio advertising and online.'Hazlitt's appointment comes at a crucial time for GCap, which has lost more than half of its market value since its creation by the 711 mln stg merger of Capital Radio and GWR in May 2005, amid sliding audience figures and advertising revenues.Last November GCap warned it saw little immediate prospect of a recovery in a tough UK advertising market, as it reported half-year profit down by around a third.GCap shares closed at 209.25 pence yesterday, valuing the company at 345 mln stg.nick.huber@afxnews.comnh/tc/nh/rwCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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GCap appoints Hazlitt at new CEO - report 