THERE won’t be too many tears shed for David Montgomery, who yesterday agreed to retire from Mecom after shareholders representing more than 50 per cent of the stock said they wanted him out.
As chief executive of the Mirror Group Montgomery made enemies with his legendary cost cutting and a dour manner.
At Mecom Montgomery has put together a media group comprising of assets in Holland, Denmark, Norway, Poland and Germany (since sold). He did so with a view to leveraging local content across the different media.
As it happens he will be leaving Mecom just as many financial analysts think its financial circumstances might be about to turn for the better.
A £140m rights issue has bolstered the balance sheet and online revenues (which have so far been disappointing) are now on the increase.
Shares have risen 85 per cent this year after a nightmare in 2009. They may have further to go.