CETV Announces That Wallace Macmillan Is To Step Down As CFO
Hamilton, Bermuda - June 22, 2009 - Central European Media Enterprises Ltd. ("CME") (Nasdaq/Prague Stock Exchange: CETV) announced that, effective July 1, 2009, Wallace Macmillan is stepping down as Chief Financial Officer of the company. Charles R. Frank, Jr. has been named interim CFO. Mr. Frank has served as an independent Director of CME since 2001 and has extensive experience of the finance function through his service on the Audit and Treasury Committees.
Wallace Macmillan, Chief Financial Officer of CME since 2003, said: "I have greatly enjoyed the years I have spent at CME and the opportunity to work with my colleagues in the central team and the local markets. The company is currently consolidating its senior management functions in Prague and, while I fully support the decision to centralize the management team, after long consideration I have decided that I cannot relocate for family reasons. I wish everyone at CME continued success."
Adrian Sarbu, President and Chief Operating Officer of CME, said: "I would like to express my warm thanks to Wallace for his significant contribution to CME over the last six years, a period of rapid development of the company. I wish him well in his future career."
Until a permanent successor is found the strong team that Mr. Macmillan built will be led by Charles Frank. In addition to his extensive knowledge of CME through his board tenure Mr. Frank contributes a strong financial background, which includes senior roles at Salomon Brothers, GE Capital and the European Bank for Reconstruction and Development.
Adrian Sarbu commented: "I welcome Charles to the executive team. He knows the company very well and has worked with me and with Wallace for many years. Charles will be able to make a strong contribution from the outset and his preparedness to accept this role allows us time to complete a search for the right long-term candidate without undue pressure."
CME is a broadcasting company operating leading networks in seven Central and Eastern European countries with an aggregate population of approximately 97 million people. The company's television stations are located in Bulgaria (TV2 and Ring TV), Croatia (Nova TV), Czech Republic (TV Nova, Nova Cinema and Nova Sport), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro and MTV Romania), Slovakia (TV Markíza and Nova Sport), Slovenia (POP TV and Kanal A) and Ukraine (Studio 1+1, Studio 1+1 International and Kino). CME is traded on the NASDAQ and the Prague Stock Exchange under the ticker symbol "CETV".
For additional information, please visit www.cetv-net.com or contact:
Vice President Corporate Communications,
Central European Media Enterprises
+420 242 465 525
Charles R. Frank, Jr.
Charles R. Frank, Jr. has served as a Director since 2001. Mr Frank also currently serves as a non-executive board member of Arcelor Mittal Steel Galati, the Romanian subsidiary of Arcelor Mittal Steel Company N.V. He is a member of the investment committee of the Darby Converging Europe Mezzanine Fund, and a member of the Advisory Committee of the Sigma-Bleyzer Growth Fund IV. From 1997 to 2001, Mr Frank was First Vice President and twice acting President of the European Bank for Reconstruction and Development (EBRD), which makes debt and equity investments in Central and Eastern Europe and the former Soviet Union. From 1988 to 1997, he was a Managing Director of the Structured Finance Group at GE Capital (a financial services company) and a Vice President of GE Capital Services. Mr Frank served as Chief Executive Officer of Frank and Company from 1987 to 1988 and from 1978 to 1987 Frank was at Salomon Brothers, serving in international investment banking and as manager of the Project Finance Group.
Between 1974 and 1978, he held various positions at the US Department of State, including Chief Economist on the Policy Planning Staff and Deputy Assistant Secretary of State for Economic and Social Affairs. He was a Senior Fellow at the Brookings Institution from 1972 to 1974. He was at Princeton University from 1967 to 1972 where he was a Professor of Economics and International Affairs at the Woodrow Wilson School and Director of the Research Program in Economic Development. He taught economics for two years each at the University of East Africa in Kampala, Uganda and Yale University from 1963 to 1967.
Frank holds a Ph.D. in Economics from Princeton University (1963) and an undergraduate degree in mathematics from Rensselaer Polytechnic Institute (1959).
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