12 Jan 2017 07:00
12 January 2017
Daily Mail and General Trust plc ('DMGT')
Directorate Change
Suresh Kavan to step down as Director
DMGT announces that Suresh Kavan, CEO, dmg information and Chairman of dmg events and RMS, has informed the Board that he plans to step down from these roles with effect from 31 March 2017. He will step down from the DMGT Board with immediate effect.
Lord Rothermere commented: "Suresh has been instrumental in driving forward our B2B agenda in the eight years that he has been with the Group. Following Suresh signalling his desire to take on new challenges outside the Group, the Strategic Review announced on 1 December 2016, and the Euromoney transaction announced on 8 December 2016, the time is now right for this change. I would like to thank Suresh for his substantial contribution to reshaping the Group as a B2B information and technology company, delivering what we set out to do and more, and wish him every success in the future."
Suresh Kavan commented: "The dmg information and events businesses have delivered consistent and significant revenue and profit growth, including almost doubling revenues to over £600 million in the past five years. The businesses have reached a scale where they can operate as standalone businesses, have expanded into adjacent markets and are well positioned for the future and I am proud of what we have achieved."
Consistent with the simplification programme presented as part of DMGT's strategy on 1 December 2016, the DMGT B2B operating business CEOs that previously reported to Suresh Kavan will now report directly to the DMGT CEO, Paul Zwillenberg. Suresh Kavan will remain a director of Xceligent Inc. and will provide consultancy services to DMGT for a period of 12 months from 1 April 2017.
For further information
For analyst and institutional enquiries:
Adam Webster, Head of Management Information
and Investor Relations, DMGT +44 20 3615 2903
For media enquiries:
Kim Fletcher / Simone Selzer, Brunswick Group LLP +44 20 7404 5959
About DMGT
DMGT manages a balanced multinational portfolio of entrepreneurial companies, with total revenues of almost £2bn, that provide a diverse range of businesses and consumers with compelling information, analysis, insight, news and entertainment.