John Cassaday to Retire as Corus Entertainment President & CEO

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TORONTO: After 15 years of serving as the president and CEO of Corus Entertainment, John Cassaday is planning to retire at the end of his contract in March, with COO Doug Murphy set to fill the post.

Murphy has been with the company for 12 years, holding a number of senior management positions. He joined the company in 2003 to grow the Nelvana business as executive VP of business development. He was later promoted to executive VP and general manager for Corus Kids, expanding his oversight to include Corus' kids television networks in 2008 and subsequently, to president of Corus Television, responsible for all Corus Television assets in 2010. In 2013, Murphy was appointed chief operating officer, adding the radio division to his role. Prior to joining Corus, Murphy spent ten years with The Walt Disney Company in a variety of executive positions in Canada, the U.S. and Japan.

Cassaday has spent more than 25 years in the broadcasting industry. His contract with Corus is up March 30.

"Under John Cassaday's strategic leadership, Corus has grown and created a diversified portfolio of powerful brands, encompassing television, radio and content assets which have delivered significant long-term value to shareholders and customers over the past 15 years," said Heather Shaw, executive chair. "Under John's stewardship, Corus' market cap has quadrupled, free cash flow has grown in excess of $175 million and our asset base has increased from $860 million at its inception to $2.8 billion," she said.

Cassaday commented, "Succession planning is an integral part of our operations and has resulted in Doug's advancement in the company, most recently with his appointment as COO in 2013. After 15 years as president and CEO of Corus and with my current contract coming to an end, this is the right time for me to move on to other opportunities knowing that Doug is ready to take on the position." He added, "Doug is an excellent executive, well-versed in the company's operations and culture. His proven leadership skills coupled with the strength of our senior executive team, leaves me confident that Corus is well positioned for continued success and future growth."

"The board fully supports this well-planned transition," said Shaw. "John and Doug have worked closely together for over 10 years and we're confident that Doug will continue Corus Entertainment's legacy of growth and success. In his new role, Doug, the Board, and our strong executive team will continue to build Corus' market position and will remain focused on delivering great value to our shareholders."