Media Square plc

Non-executive Chairman to Step Down at AGM

The Company wishes to announce that Roger Parry, the non-executive Chairman of Media Square plc, has informed the Board that he plans to step down from the role after the Company's AGM in July 2010. A search process to find a successor has begun.

Mr Parry was appointed as Executive Chairman in July 2007 to lead an emergency turnaround of Media Square which had faced significant problems following a series of acquisitions.  He subsequently implemented a three year project to reduce the Group's complexity, cut costs and bring down debt.  The Group now operates 10 main agencies compared to its more than 40 business units in 2007.  The annual cost of central overheads has been cut from more than £6 million to approximately £2 million and group debt has been reduced.  On the 5^th November 2009 the Board announced the appointment of Peter Reid as Chief Executive which allowed Mr Parry to move into a non-executive role.

Roger Parry comments: "I am delighted by the success of the turnaround. We now have a new management team in place and the business is stable and much simpler. Obviously the collapse of Northern Rock and then Lehman Brothers has made for a very challenging trading environment. The restructuring, however, has now been completed and I have every confidence that under the leadership of Peter Reid the business has a bright future".     

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