Michael Garin to Retire as CME CEO

HAMILTON, December
15: Central European Media Enterprises (CME) has announced that Michael
Garin is retiring as CEO at the end of this year.

Although stepping
down as CEO, Garin will continue
to be involved with CME as vice-chairman of the board. He has been CEO since
2004, leading the company's growth across the region. CME now operates 22
networks in Central and Eastern Europe.

The company's COO,
Adrian Sarbu, has added president to his title and will lead CME from the
beginning of next year.

Ronald Lauder, CME's
founder and chairman of the board, said: "I would like to thank Michael
for his contributions as chief executive officer over the past five years. The
more than fivefold increase in the company's enterprise value during his tenure
is an incredible record of achievement."

He continued:
"Adrian has been CME's partner in Romania since 1995 and was promoted to
regional director in 2006 and chief operating officer in 2007. Throughout his
time with the company, he has demonstrated outstanding management abilities. I
look forward to the continued development of CME under his leadership."

Garin added:
"CME remains in very strong hands. My greatest source of pride is in our
3,500 employees—less than 40 of whom are from outside the region.
Building a company that has empowered the people from our seven
countries—Bulgaria, Czech Republic, Croatia, Romania, Slovak Republic,
Slovenia and Ukraine—will be my lasting legacy."

—By Mansha
Daswani