The chief executive of dmg media is stepping down after 25 years triggering a leadership shakeup.
Kevin Beatty is stepping down as of today and DMGT has announced plans to hand over leadership to internal hires with experience at the company. Rich Caccappolo, the current chief operating officer of the Mail Online will take over as chief executive while James Welsh, the current deputy chief finance officer at DMGT will become the deputy chief executive.
Lord Rothermere, the chairman of DMGT said, “Rich and James are a formidable team, having both played integral parts in our success to date. I am confident that they are the right people to lead us through this next exciting phase of our development.”
It comes as the Daily Mail and General Trust, which also publishes the Mail titles, Mail Online, Metro and i, prepares to go private through a deal valued at £3.1bn and would give Lord Rothermere full control over the paper.
The Rothermere family, which founded the Daily Mail in 1896 and parent company Daily Mail and General Trust in 1932, has offered 255p per share pricing the newspaper business at £850m. Lord Rothermere currently owns 64 per cent of company shares and retains possession of 100 per cent of investor voting rights.
Under Harmsworth Rothermere the company has undergone its transition from digital to print with the launch of the Mail Online in 2003, one of the world’s most read media sites.
The business is in the process of a major reorganisation through a series of high profile disposals and acquisitions in recent years. DMGT bought the New Scientist magazine for £70m in March and snapped up the i newspaper in a £49.6m deal two years ago.
In a statement the company insisted that the change in leadership is “unconnected with the reorganisation,” and is instead a case of natural succession.
Beatty will assist with the transition period and will remain on the DMGT board as a non-executive director. Rothermere thanked him for his service, calling Beatty “a brilliant leader and a trusted adviser and friend.”