MSQ Media Square

 

TIDMMSQ 
 
RNS Number : 4437H 
Media Square PLC 
22 February 2010 
 

                                Media Square plc 
 
                   Non-executive Chairman to Step Down at AGM 
 
The Company wishes to announce that Roger Parry, the non-executive Chairman of 
Media Square plc, has informed the Board that he plans to step down from the 
role after the Company's AGM in July 2010. A search process to find a successor 
has begun. 
 
Mr Parry was appointed as Executive Chairman in July 2007 to lead an emergency 
turnaround of Media Square which had faced significant problems following a 
series of acquisitions.  He subsequently implemented a three year project to 
reduce the Group's complexity, cut costs and bring down debt.  The Group now 
operates 10 main agencies compared to its more than 40 business units in 2007. 
The annual cost of central overheads has been cut from more than GBP6 million to 
approximately GBP2 million and group debt has been reduced.  On the 5th November 
2009 the Board announced the appointment of Peter Reid as Chief Executive which 
allowed Mr Parry to move into a non-executive role. 
 
Roger Parry comments: "I am delighted by the success of the turnaround. We now 
have a new management team in place and the business is stable and much simpler. 
Obviously the collapse of Northern Rock and then Lehman Brothers has made for a 
very challenging trading environment. The restructuring, however, has now been 
completed and I have every confidence that under the leadership of Peter Reid 
the business has a bright future". 
 
Enquiries to: 
 
+------------------------------+------------------------------+ 
| Media Square plc             | www.mediasquare.co.uk        | 
+------------------------------+------------------------------+ 
| Roger Parry                  | 020 3026 6601                | 
+------------------------------+------------------------------+ 
| Peter Reid                   | 020 3026 6607                | 
+------------------------------+------------------------------+ 
| Zarina Khan                  | 020 3026 6602                | 
+------------------------------+------------------------------+ 
|                              |                              | 
+------------------------------+------------------------------+ 
| Collins Stewart Europe       |                              | 
| Limited                      |                              | 
+------------------------------+------------------------------+ 
| Adrian Hadden/Stewart        | 020 7523 8350                | 
| Wallace                      |                              | 
+------------------------------+------------------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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