LONDON (Alliance News) - Wireless Group PLC on Friday said Chief Executive John McCann is retiring from the company following the sale of its television business to ITV PLC.
Wireless, formerly known as UTV Media PLC, sold UTV Television to ITV last month in a deal expected to bring net cash proceeds of GBP98 million.
On Friday, Wireless, which changed its name last week, said McCann has decided that the sale of the television business marks a "natural time" for him to retire. He served for 23 years on the company's board, including 16 years as CEO.
Non-Executive Chairman Richard Huntingford will become executive chairman in order to "lead the company's growth strategy" as a focused radio group.
"I am delighted that Richard will be taking on the role of executive chairman. His deep experience of the radio industry and existing knowledge of the company's businesses will ensure that the company continues to focus all its efforts on delivering long-term value for shareholders," Senior Independent Director Helen Kirkpatrick said in a statement.
Shares in Wireless were trading down 3.7% at 173.38 pence on Friday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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