Commercial radio broadcaster Austereo Group Ltd
(ASX:AEO) has announced that CEO Michael Anderson will not renew his current contract, due to expire on June 30 2010, after six years in the role.
According to the Australian Financial Review Mr Anderson says he achieved his vision for the company in the time frame he wished to do so, saying that the company is in good shape and it’s a good time to hand it onto someone new.
Mr Anderson also says that there is going to be a lot of change in the radio industry over the next decade, with the growth of digital radio and new online products.
According to The Sydney Morning Herald he says it is too soon to say whether there are signs of a sustained improvement in advertising that would underpin a recent rally in media stocks saying that the last six months has been really volatile.
Chairman Peter Harvie says the search for a replacement is now on.
Austereo Group posted net profit of $48.82 million in 2008.
