Primedia chief executive officer William Kirsh has decided to step down, the media company announced, according to a report on the Business Times website.
Kirsh held the position since he founded the company in 1994.
"Having dedicated the whole of the past 15 years of my life to Primedia, the time has come for me to focus on the next phase of my life," Kirsh said in a statement.
According to the statement Kirsh took the decision almost two years since the company was delisted from the Johannesburg Stock Exchange "in a transaction valued at R7-billion, having risen from a market value of R100 million when he started the company".
"The current climate of being delisted has also not enabled me to do what I believe I do best, which based on Primedia’s historical track record, is acquiring media businesses in the right sectors of the media industry," he said.
Kirsh will still be involved with the company as non-executive deputy chairman and will remain a significant shareholder along with his father, 702 Talk Radio founder Issie Kirsh.
The board appointed Kirsh’s deputy Kuben Pillay to take up the position as the group’s CEO as from September 1.
Click here to read the full report, posted on the Business Times website.
