New President & CEO at MTG

STOCKHOLM: Jørgen Madsen has been named group president and CEO of Modern Times Group (MTG), effective September 15, following the resignation of Hans-Holger Albrecht.

Madsen has been on MTG’s executive management team since 2000. He became the executive VP of the company’s Nordic broadcasting operations in October 2011. Prior to this he was the CEO of the group’s Danish operations and group head of sport. Between January 2008 and October 2011 Madsen was also the chairman of the board of TV Prima in the Czech Republic.

Albrecht is resigning in September to take on the role of president and CEO of Millicom International Cellular. He had held the post of MTG president and CEO since August 2000, and prior to this was the COO from May 2000.

David Chance, the chairman of MTG’s board of directors, commented: “I would like to welcome Jørgen to his new role within MTG. He has proven himself over many years at MTG to be an inspirational leader and excellent manager of a number of our operations, as well as a valued member of the Group’s senior management team. He takes over at a key time in the Group’s development as MTG pioneers new broadcasting technologies and expands into new markets. Continuity is critical to the Group’s ongoing success, which is why succession planning is part and parcel of our daily work, and has enabled us to promote such a strong internal candidate into this role. The Board and I look forward to working with Jørgen going forward.”

“The Board and I would also like to thank Hans-Holger for his huge contribution to the development and expansion of MTG over the past almost 12 years, as one of the longest serving and most successful CEOs in the industry. He has been instrumental in the Group’s rapid growth and the creation of an industry leading broadcaster with a unique geographical reach, balanced mix of pay and free-TV revenues, and strong financial position. Under his leadership, MTG’s sales have tripled since 2000 to SEK 13.5 billion in 2011, while the Group’s market capitalisation has increased to over SEK 21 billion with a low net debt level, and an additional SEK 7 billion has been distributed to shareholders in the form of equity or cash dividends and share buy-backs. Hans-Holger has not only managed the business through considerable change, but also created a lot of that change through a clear and accurate vision of the Group’s future potential. We wish him well at Millicom.”

Madsen said: “I am excited by my new role and grateful to the Board for this opportunity. MTG is a great company with a strong culture and tradition of constant innovation. Our channels are now available in 36 countries spanning four continents, which is quite a platform on which to build, as we focus on further enhancing our content offering, embracing new technologies, and expanding into new markets.”

Albrecht added: “I have greatly enjoyed my time at MTG and feel privileged to have worked with so many talented and dedicated people down the years. We benefited from setting a clear course with long term goals and have remained true to that, which has enabled us to consistently outperform and create sustainable value. I am proud of what we have achieved as a team and of the building blocks we have put in place. MTG is a fantastic business and I wish the Group and all of my colleagues the very best for the future.”