THE CHIEF executive of struggling European newspaper publisher Mecom stepped down yesterday following investor anger at the company’s strategy.
Tom Toumazis, who became CEO last year, will step down in September. Chairman Stephen Davidson will become executive chairman and oversee a “strategic review” at the firm, which is likely to be broken up with many of its international operations sold.
The group, which owns hundreds of newspapers in the Netherlands, Denmark and Poland, has struggled in the current environment.
The company’s value had plummeted last month when it issued a profit warning due to weak advertising revenues.
Mecom’s shares rose 17 per cent on news of Toumazis’s departure.