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17/11/2003
Media mogul Lord Black steps down as Hollinger CEO
Lord Black, the Canadian-born media mogul who owns the Daily and Sunday Telegraph, has announced that he is to retire as chief executive of Hollinger International following an inquiry which found that he received around £7.2 million in "unauthorised payments".
Lord Black of Crossharbour said that "in light of the Strategic Process", he would step down from his post on November 21 but would stay on as a non-executive director. Conrad black said that he will now "devote his time and attention primarily to pursuing the Strategic Process".
Hollinger International owns The Daily Telegraph, The Sunday Telegraph and The Spectator magazine in the UK, the Chicago Sun-Times and a large number of community newspapers in the Chicago area, The Jerusalem Post and The International Jerusalem Post in Israel, and a portfolio of new media investments and a variety of other assets.
The Tory peer will continue unchanged his role as Chairman of The Telegraph Group, a wholly-owned subsidiary of Hollinger.
Lord Black said: "Now is the appropriate time to explore strategic opportunities to maximize value for all shareholders of Hollinger International.
"Reflecting my full support of this process, I will be devoting my attention in coming months to achieving a successful outcome for all Hollinger shareholders. The present structure of the group clearly must be renovated."
The board has also accepted the resignations with immediate effect of David Radler as President and Chief Operating Officer of Hollinger, and also as Publisher of the Chicago Sun-Times, and Mark Kipnis, as Vice President and Corporate Counsel. The executive committee also terminated the employment of JA Boultbee, an Executive Vice President of Hollinger, after "failing to reach agreement with him on several matters".
An investigation determined that a total of $32.15 million in payments "styled as 'non-competition payments' were made that were not authorized or approved by either the audit committee or the full board of directors of Hollinger".
Of the total unauthorized payments, approximately $7.2 million each was paid to Lord Black and Mr Radler in 2000 and 2001, and just over $600,000 was paid to each of Mr Boultbee and Mr Atkinson in 2000 and 2001.
Hollinger’s prior public disclosure relating to these matters was "incomplete or inaccurate in some respects", the company's statement added.
Lord Black, Mr Radler and Mr Atkinson have agreed to repay Hollinger the full amount of the unauthorized payments received by them, together with interest dating from the date of receipt of these funds, not later than June 1 2004.
In addition, Lord Black has agreed to seek repayment in full by HLG of the amounts received by it, with interest, by no later than June 1, 2004.
In the statement issued this morning, Hollinger International also mooted "a possible sale of the company, a sale of one or more of its major properties or other possible transactions".
(gmcg)
Lord Black of Crossharbour said that "in light of the Strategic Process", he would step down from his post on November 21 but would stay on as a non-executive director. Conrad black said that he will now "devote his time and attention primarily to pursuing the Strategic Process".
Hollinger International owns The Daily Telegraph, The Sunday Telegraph and The Spectator magazine in the UK, the Chicago Sun-Times and a large number of community newspapers in the Chicago area, The Jerusalem Post and The International Jerusalem Post in Israel, and a portfolio of new media investments and a variety of other assets.
The Tory peer will continue unchanged his role as Chairman of The Telegraph Group, a wholly-owned subsidiary of Hollinger.
Lord Black said: "Now is the appropriate time to explore strategic opportunities to maximize value for all shareholders of Hollinger International.
"Reflecting my full support of this process, I will be devoting my attention in coming months to achieving a successful outcome for all Hollinger shareholders. The present structure of the group clearly must be renovated."
The board has also accepted the resignations with immediate effect of David Radler as President and Chief Operating Officer of Hollinger, and also as Publisher of the Chicago Sun-Times, and Mark Kipnis, as Vice President and Corporate Counsel. The executive committee also terminated the employment of JA Boultbee, an Executive Vice President of Hollinger, after "failing to reach agreement with him on several matters".
An investigation determined that a total of $32.15 million in payments "styled as 'non-competition payments' were made that were not authorized or approved by either the audit committee or the full board of directors of Hollinger".
Of the total unauthorized payments, approximately $7.2 million each was paid to Lord Black and Mr Radler in 2000 and 2001, and just over $600,000 was paid to each of Mr Boultbee and Mr Atkinson in 2000 and 2001.
Hollinger’s prior public disclosure relating to these matters was "incomplete or inaccurate in some respects", the company's statement added.
Lord Black, Mr Radler and Mr Atkinson have agreed to repay Hollinger the full amount of the unauthorized payments received by them, together with interest dating from the date of receipt of these funds, not later than June 1 2004.
In addition, Lord Black has agreed to seek repayment in full by HLG of the amounts received by it, with interest, by no later than June 1, 2004.
In the statement issued this morning, Hollinger International also mooted "a possible sale of the company, a sale of one or more of its major properties or other possible transactions".
(gmcg)
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