CNBC Africa chief operating officer Trevor Ormerod, who led the
business channel through its June launch, has resigned to take up a
position with his former employer, Primedia, he said yesterday, writes Michael Bleby in Business Day.
OrmerodÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s return to Primedia as executive chairman of its cinema and print unit comes less than a year after his start with CNBC and with most of his three-year contract left to run. He said yesterday there was ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œnothing sinisterÃƒÂ¢Ã¢â€šÂ¬Ã‚Â about the move.
Business television is competing for a share of SAÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s growing R20bn advertising market. The channel that began broadcasting with startup funding of ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œR120m-R150mÃƒÂ¢Ã¢â€šÂ¬Ã‚Â had a staff of 120 in its operations in Johannesburg and Cape Town, and a weekly audience of about 200000, Ormerod said.
Rivals questioned why Ormerod was leaving so soon after the channelÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s start. ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œWeÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢d be immensely surprised to see him resigning after such a short time,ÃƒÂ¢Ã¢â€šÂ¬Ã‚Â said Vernon Matzopoulos, MD of Summit TV. ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œOne would surmise that one of the possible reasons would be that the station was not making its ambitious revenue targets.ÃƒÂ¢Ã¢â€šÂ¬Ã‚Â
Ormerod, whose last day with CNBC Africa will be on December 17, said advertising revenues were very positive. ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œWeÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢ve signed up close to R30m in year one.ÃƒÂ¢Ã¢â€šÂ¬Ã‚Â
Click here to read the full report, posted on Business Day's website.