John Cassaday To Retire From Corus, Doug Murphy To Become Pres./CEO
January 13, 2015 at 4:05 AM (PT)
CORUS ENTERTAINMENT Pres./CEO JOHN CASSADAY announced MONDAY (1/12) that he will retire from the Canadian media company at the end of 2015. COO DOUG MURPHY will ascend to the Pres./CEO role at that time.
Exec. Chair HEATHER SHAW said, "Under JOHN CASSADAY's strategic leadership, CORUS has grown and created a diversified portfolio of powerful brands, encompassing television, radio and content assets which have delivered significant long-term value to shareholders and customers over the past 15 years. Under JOHN's stewardship, CORUS' market cap has quadrupled, free cash flow has grown in excess of C$175 million and our asset base has increased from C$860 million at its inception to C$2.8 billion."
On the promotion of MURPHY, who joined CORUS in 2003 as EVP/Business Development overseeing the NELVANA animation division, CASSADAY said, "Succession planning is an integral part of our operations and has resulted in DOUG's advancement in the company, most recently with his appointment as COO in 2013. After 15 years as Pres./CEO of CORUS and with my current contract coming to an end, this is the right time for me to move on to other opportunities knowing that DOUG is ready to take on the position. DOUG is an excellent executive, well-versed in the company's operations and culture. His proven leadership skills coupled with the strength of our senior executive team, leaves me confident that CORUS is well positioned for continued success and future growth."
SHAW added, "The Board fully supports this well-planned transition. JOHN and DOUG have worked closely together for over 10 years and we're confident that DOUG will continue CORUS ENTERTAINMENT's legacy of growth and success. In his new role, DOUG, the Board, and our strong executive team will continue to build CORUS' market position and will remain focused on delivering great value to our shareholders."