Newspaper article The Evening Standard (London, England)

Embattled Emap's Chief Heads for the Exit

Newspaper article The Evening Standard (London, England)

Embattled Emap's Chief Heads for the Exit

Article excerpt

LADS' MAGS publisher Emap, which also owns the Kiss FM and Magic radio stations, today ousted its chief executive.

It said Tom Moloney, 47, is leaving immediately by "mutual agreement".

However, he is likely to receive a [pounds sterling]600,000 pay-off, which indicates he did not resign willingly.

Emap has been battling on many fronts as the market for lads' mags FHM and Zoo declines, competition among women's mags becomes fierce, and radio advertising revenues remain under pressure. Under Moloney's watch, the company has suffered traumatic damage in the French TV listings market, and seen its valuable recruitment franchise, with Nursing Times and other medical titles, eaten into after the NHS launched its own jobs website.

Alun Cathcart, who came in as chairman last year, will take on the role of chief executive until a new one is recruited. One analyst today suggested that Reuters finance director David Grigson, who has yet to be given a role in the merged Thomson, could return to Emap, where he was finance director for more than decade. …

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