GWR group announce Board changes

Text size:

Tuesday 17 June 2003

(Bristol - 17 June 2003) GWR GROUP, the UK's most listened to commercial radio group, and 29.9% owned by DMGT, has announced changes to the structure and membership of its Board, following the recent streamlining of its business.

GWR has now completed the programme of disposals of its radio interests overseas and of its non-core UK operations. As a result of these changes, GWR has a more focused and efficient portfolio of businesses, centred principally on the UK. The disposals have enabled GWR to reduce its debt by approximately £100m to £66 million in little over a year. Over the same period GWR has reorganised, bringing operational savings of £3 million a year in its UK businesses.

In the light of these developments, the Board of GWR no longer requires six executive directors. Consequently Patrick Taylor, Chief Executive, and Simon Ward, New Media and Digital Director, will step down from the Board after the AGM on 31st July 2003.

Patrick Taylor joined the Board of GWR as Finance Director and Deputy Chief Executive in 1996. Over the last two years as Chief Executive, Patrick led the team which has been responsible for the successful implementation of the disposal programme and the strengthening of GWR's balance sheet, and the re-organisation of the UK Group. He has also been closely involved in the development of Livetime, GWR's initiative to exploit its digital radio data capacity to broadcast multimedia information and entertainment services to mobile devices. When he steps down from the Board and relinquishes his Chief Executive responsibilities, Patrick has accepted a part-time consultancy role as Non-Executive Chairman of Livetime.

Patrick's responsibilities will be assumed by Steve Orchard, Managing Director of Local Radio and Roger Lewis, Managing Director of Classic FM, who along with the Group Finance Director Wendy Pallot, will report direct to the Executive Chairman, Ralph Bernard.

Simon Ward has been New Media and Digital Director since 2000, after joining the Board as Sales and Marketing Director in 1996. GWR holds a portfolio of key digital radio assets, including a series of local multiplexes which are already profitable. To strengthen the management of GWR's digital radio operations, Simon will continue to be employed by the company and will in future concentrate exclusively on leading GWR's digital radio division. He will report to the Executive Chairman.