Paul Jackson Exits As Virgin Radio CEO
August 31, 2007 at 7:34 AM (PT)
PAUL JACKSON, CEO of VIRGIN RADIO, unexpectedly quit the company TODAY (8/31) to join rival GCAP. Staff were told of his departure at 1p, reports THE FINANCIAL TIMES. The move, which will reunite JACKSON with his former VIRGIN colleague FRU HAZLITT, is a blow to the SMG-owned radio station which is being prepared for a flotation.
JACKSON, whose father RICHARD PARK is the executive director of GLOBAL RADIO, is to become managing director of CAPITAL RADIO, which suffered its worst ratings performance in recent times last month.
His defection from VIRGIN will certainly delay the IPO of the station and may make it more likely that a trade buyer will step in first before the float, which had been expected to take place in late autumn.
RICHARD HUNTINGFORD, former CEO of CHRYSALIS RADIO, had been appointed only 10 days ago as non-executive chairman of VIRGIN to oversee the IPO, and JACKSON had been confirmed as chief executive for the process.