Metromedia International Group Announces Senior Management Changes
NEW YORK--(BUSINESS WIRE)--Nov. 15, 2001--Metromedia International Group, Inc. (MMG or the Company) (AMEX:MMG), which through its subsidiary Metromedia International Telecommunications, Inc. (MITI), is the owner of various interests in communications joint ventures in Eastern Europe, the former Soviet Union, China and other emerging markets, announced today that it has reorganized its senior management team in response to shareholder concerns and to provide for a more efficient management structure.
Stuart Subotnick, Metromedia International Group's President and Chief Executive Officer, has resigned his position. Carl Brazell, MITI's President and Chief Executive Officer, will assume the position of President and Chief Executive Officer of MMG. Mr. Brazell brings nearly 30 years of operational experience in telephony, broadcasting and media to his new position, including CEO positions with major U.S. media companies and 10 years of experience in senior management positions for Russian and Eastern European ventures. He was also one of the founders of MITI.
Silvia Kessel, MMG's Executive Vice President and Chief Financial Officer, has resigned her position. William B. Manning has been named Executive Vice President, Chief Financial Officer and Chief Operating Officer of MMG. Mr. Manning served as Chief Financial Officer of MITI from 1992 to 1999 and has held various management positions with media and entertainment companies. David Persing has resigned his position as Senior Vice President and General Counsel for MMG. Matthew Mosner, presently General Counsel for MITI, will assume the position of General Counsel for MMG. Mr. Manning and Mr. Mosner have extensive experience in international telephony, broadcasting and media. Vincent Sasso has resigned his position as Vice President of Financial Reporting and Chief Accounting Officer.
The Company also realigned its Board of Directors. Mr. Subotnick has resigned his position as Vice Chairman of the Board, but will remain a member of the Board of Directors. Mr. Brazell will become a member of the Board of Directors, replacing Ms. Kessel who elected to step down from the Board.
In a related development, Metromedia Company, which is the largest shareholder of MMG, will be terminating its management agreement with MMG. Metromedia Company will continue to provide management services during a transition period which is expected to last until December 31, 2001. |
