LONDON (Alliance News) - Publishing firm Johnston Press PLC said Tuesday Chief Executive Officer Ashley Highfield will resign from early June for "family reasons" to be replaced by its current finance head.
Highfield - CEO of the publisher of The Scotsman since 2011 - will not put himself up for re-election at the company's annual general meeting on June 5. He is leaving due to "family reasons" and "in order to fulfil his plans to transition to be a 'plural' non-executive director as the next phase of his career."
"I have been privileged to lead Johnston Press during a period of unprecedented turbulence in our industry", Highfield said.
"Since 2011 we have grown our overall audience in particular our digital business, created an industry leading telesales operation and maintained margins. The acquisition of the i newspaper has been a particular highlight. I am proud of what the board and my colleagues have achieved and would like to thank them all for their support."
Current Johnston Press Chief Financial Officer David King will replace Highfield as CEO with effect from the AGM. The replacement for King will be announced in "due course", Johnston added.
"On behalf of the board," Chairman Camilla Rhodes said, "I would like to thank Ashley for his significant contribution since becoming CEO in 2011. We are sorry that he felt that his personal circumstances required a change at this time. Ashley oversaw the successful acquisition of the i newspaper, has driven growth in our digital footprint, while making substantial progress in reorganising and restructuring our business."
"I am pleased to announce that David King will step up to become CEO," Rhodes added, "David has worked closely with the board on our strategic review of financing options. I am confident that David will prove to be a strong leader and his transition to the CEO role provides stability to the business at this important time."
Shares in Johnston were 1.8% higher at 8.30 pence on Tuesday.
