European publisher Mecom has confirmed that its executive chairman Alasdair Locke has resigned and is to be replaced by director Stephen Davidson.
The announcement follows City A.M.’s exclusive report revealing Mecom’s decision to oust Locke this morning.
“The Board has agreed that Stephen Davidson, currently the senior independent director, will, pending the appointment of a permanent chief executive, assume the role of interim executive chairman,” Mecom said in a statement.
“Following the appointment of a new chief executive, Stephen Davidson will become non-executive Chairman.”
Locke’s departure follows that of former chief executive and ex-Trinity Mirror head David Montgomery, after opposition from activist Mecom shareholders including Aviva Investors and Legal & General.
Locke, Mecom’s chairman since January 2009, was thought to be too close to Montgomery and too slow to source a replacement chief executive after Montgomery left.
Sources told City A.M last night there was “a lobby” to replace Locke with Davidson.
In the statement Davidson said: “During the last few months since the announcement of David Montgomery’s retirement, Alasdair has provided great stability in a period of uncertainty for Mecom. The board and I wish to thank Alasdair for his wise counsel and commitment.”