Board Changes
July 22 2003 - 6:52AM
UK Regulatory
RNS Number:8095N
CSS Stellar PLC
22 July 2003
CSS Stellar plc ("CSS Stellar" or "the Group")
Board changes and organisation of businesses
CSS Stellar, the AIM listed sports and entertainment management and marketing
group, today announces changes to the Board and other matters, which will be
effective immediately.
The Group Board will now comprise: John Webber, Chairman, with Julian Jakobi
becoming Deputy Chairman and Joint Chief Executive. Sean Kelly becomes Joint
Chief Executive and Kevin Rose, currently chief financial officer of the Group's
North American operations, is appointed Finance Director and Treasurer,
combining the two roles for the first time. Peter Owen remains a non-Executive
Director of the Group. Julian Hill leaves the Group Board to become executive
chairman of the Events Services division.
As reported at the Annual General Meeting in May, the Group continues to make
progress in challenging markets. The building blocks are now in place for the
Group to become pre-eminent globally in the sports and entertainment industry.
As a result, the Board believes the time is right to formalise the structure
into international operating divisions, allowing each business practice area to
grow most effectively. This reorganisation is made easier since the majority of
the acquisitions have concluded their earn-outs.
Going forward, the Group's operating divisions will be:
Talent Management - PFD and the Stellar sports management businesses will be
merged.
Marketing - this will incorporate the GEM Group, the CSS Stellar European
Sponsorship sales division and The Sponsorship Consultancy.
TV and Multimedia - CSS Television will be merged into Target Entertainment.
Events Services - Icon is to be merged with ARB and Backporch.
All Group business will continue to be accounted for regionally in Europe, North
America and Asia, where the Group has recently opened a Beijing office.
The activities of the holding company will now be distinguished from those of
the global operating divisions. Holding company responsibilities will encompass:
defining corporate and financial strategy (including the allocation of
investment monies and resources to expand the Group); developing employee
incentivisation programmes; handling communication with investors; and
overseeing all day to day operations.
The Group Board has also established a Global Executive Group, which will have
responsibility for the implementation of Group strategy and managing and
maximising opportunities for the businesses within the operating divisions
outlined above.
The Global Executive Group will be chaired by Sean Kelly, who will be
accountable for its operations to the Group Board. He will be assisted by Kevin
Rose as finance director.
John Webber commented on the changes:
"As we announced at the beginning of 2003, we have focussed attention on
developing and integrating the acquisitions made since flotation some two and a
half years ago. During this period there has been significant growth as the
Group's turnover has quadrupled."
"I am confident the revised board and new operational structure will greatly
improve our ability to maximise commercial opportunities within the Group,
allowing us to become a global force in the high profile sports and
entertainment industry. Success will generate longer term value for our
shareholders, both internal and external."
Enquiries:
CSS Stellar - 020 7078 1400
John Webber
Julian Jakobi
Sean Kelly
This information is provided by RNS
The company news service from the London Stock Exchange
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