20th Nov 2019 14:56
(Alliance News) - One Media iP Group PLC on Wednesday announced the appointment of two new directors, including a chair-designate, and the departure of three.
Shares in One Media were down 9.0% at 4.37 pence in London on Wednesday.
Claire Blunt and Brian Berg have agreed to be appointed as independent non-executive directors at the music rights owner and digital distributor, with Blunt named as chair-designate. She is currently chief operating officer and chief financial officer at Hearst UK.
Berg, meanwhile, is chair of Eclipse Global Entertainment and holds senior music and media consultancy roles at "various major companies" and is executive producer on the musical Dreamboats & Petticoats.
One Media Chief Executive Michael Infante said: "I am delighted to be able to announce our proposed new independent non-executive directors and I am pleased to see our proposed new board embracing gender diversity which is reflective of our industry."
Once the new directors are in place, One Media plans to embark on an extensive strategy review with a revised business plan and a likely reduction in music catalogue acquisitions.
"Global and national circumstances of the business environment in which we operate (and more widely) have changed and it is time to adapt our business model to embrace and maximise the opportunities available to the company," Infante explained.
"We intend to maintain a conservative financial policy, allowing the company to be adaptive and agile when opportunities present themselves, which may mean a move away from making additional catalogue acquisitions funded in whole or in part with comparatively expensive debt facilities," he added.
Alongside the new appointments, three directors have tendered their resignations from One Media with immediate effect. These are Ivan Dunleavy, Michael Grade, and Philip Miles.
By Anna Farley; [email protected]
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