CVM says it won't replace CEO
Published:Friday | August 6, 2010 | 12:00 AM
CVM Communications Group is losing its top man, but the company seems far from perturbed and is leaving the post vacant for now.
Consequently, Wayne Chen, chairman of the media company whose core business is television, said a replacement for David McBean as chief executive officer has not been identified, nor is one being sought.
He also pushed back against the constant speculation of whether CVM or parts of it were up for sale, saying there are "no plans to do that", while touting that, operationally, the group had seen a turnaround.
McBean is returning to telecoms LIME Caribbean, formerly Cable and Wireless, where he has done at least two stints in the past.
"No replacement has been looked for or chosen. No managing director will be named now," said Chen.
"There are different functional heads that carry out different responsibilities and so we will continue to operate that way."
CVM's core management team comprises Jennifer Grant, vice-president of broadcasting services; Ronnie Sutherland, who holds the post of vice president of sales and marketing; and Catherine Gregory, vice-president of finance and planning.
Also included are Leslie Campbell, head of engineering, Keith Campbell, production manager, and Ransford Ricketts, programme manager.
McBean begins his new job at LIME on September 8. He will operate from Barbados as managing director of customer support, reporting to regional commercial officer Milton Brady.
At CVM, he ran an operation, which consists of two television stations, CVM Television Limited and its cable affiliate CVM Plus; a radio station, HOT 102 FM, and two newspapers, X-News and the Teen Herald.
He has been with the CVM group for more than five years following the acquisition of the media house by Chen's brother, Jamaican/Canadian billionaire Michael Lee Chin, from Neville Blythe's UGI Group.
CVM turned 17 this year. Its viewership continues to trail that of more established rival TVJ, a member of the RJR Communications Group.
TVJ now claims two thirds of the television market, based on a survey by Marketing Strategy Limited that it commissioned, with CVM holding one third. The survey was published in July.
When cable is factored, TVJ has 36 per cent of the market and CVM has 19 per cent, the survey found.
Chen said there are no immediate plans to reshape the group management structure.
But: "At some time in the future we will look over and formulate the way forward," he said.
"The group has turned around in terms of operational profit. There are some financing issues but we expect to deal with those. We don't anticipate any other new development now."