CME CFO to Step Down

HAMILTON: On July 1, Wallace Macmillan will relinquish his role as chief financial officer of Central European Media Enterprises (CME).

He has held his role as CFO since 2003. Charles R. Frank, Jr. has been named interim CFO. Frank has served as an independent director of CME since 2001 and has experience in finance through his service on the Audit and Treasury Committees.

Macmillan said: "I have greatly enjoyed the years I have spent at CME and the opportunity to work with my colleagues in the central team and the local markets. The company is currently consolidating its senior management functions in Prague and, while I fully support the decision to centralize the management team, after long consideration I have decided that I cannot relocate for family reasons. I wish everyone at CME continued success."

Adrian Sarbu, the president and COO of CME, said: "I would like to express my warm thanks to Wallace for his significant contribution to CME over the last six years, a period of rapid development of the company. I wish him well in his future career."

Sarbu continued: "I welcome Charles to the executive team. He knows the company very well and has worked with me and with Wallace for many years. Charles will be able to make a strong contribution from the outset and his preparedness to accept this role allows us time to complete a search for the right long-term candidate without undue pressure."