Johnston Press PLC Regulatory News (JPR)

1 May 2018

Johnston Press

CEO Resignation

Johnston Press plc today announces that Ashley Highfield has resigned from his directorship and position as Chief Executive Officer. He has agreed with the board that he will not put himself up for re-election at the AGM on 5 June. Ashley is leaving for family reasons and in order to fulfil his plans to transition to a be a 'plural' Non-Executive Director as the next phase of his career.

As a result of Ashley's resignation, Johnston Press will appoint David King, currently Chief Financial Officer, to replace Ashley as CEO. David will step into the role of CEO with effect from the AGM. David's replacement will be announced in due course. 

Camilla Rhodes, Chairman of Johnston Press, said:

"On behalf of the Board, 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. We wish him every success in the next phase of his career. I am pleased to announce that David King will step up to become CEO. 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."

 Ashley Highfield said:

"I have been privileged to lead Johnston Press during a period of unprecedented turbulence in our industry. Since 2011 we have grown our overall audience in particular our digital business, created an industry leading tele-sales 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. I wish David every success in his new role."

- Ends -

Contact:

Powerscourt

Peter Ogden +44 7793 858 211

Notes

David King is a Chartered Accountant. He joined the Company in 2013 as CFO. Previously, he was CEO at Time Out Group, the print and digital entertainment information business and CFO of BBC Worldwide. He previously worked in financial services and as a management consultant with Coopers & Lybrand (now PwC).

Ashley's last day as CEO will be June 5 2018. He will not receive any salary after this date and there will be no further payments in lieu of notice. He previously decided to defer his bonus of £249,000, granted to him in respect of achievement of 2017 targets.

About Johnston Press

Johnston Press is a leading multimedia business with a vibrant mix of news brands that reach national, regional and local audiences. We provide news and information services to local and regional communities through our extensive portfolio of hundreds of publications and websites.

Sharing information and opinion remains at the heart of what we do and our titles, which include iconic publications such as the i newspaper, The Scotsman, The Yorkshire Post and News Letter in Northern Ireland are read via traditional print, online platforms and mobile devices by 37.8 million people every month.

We are experts in combining national reach with local targeting and are better equipped than ever to help advertisers tell their stories, too, through our trusted platforms.

Forward-looking statements

The report contains forward looking statements. Although the Group believes that the expectation reflected in these forward- looking statements are reasonable, it can give no assurance that the expectations will prove to have been correct. Due to the inherent uncertainties, including both economic and business risk factors underlying such forward looking information, actual results may differ materially from those expressed or implied by these forward looking statements. The Group undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

Market abuse regulation

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

Johnston Press Legal Entity Identifier: 213800JFIBCR4LGUA242 Classification: Inside Information.

This announcement is being made in accordance with Listing Rule 9.6.11 (2)‎.