EMAP chief executive Tom Moloney has quit the radio and magazine group after 26 years. Moloney, who has been chief executive for four years, will be replaced on an interim basis by non-executive chairman Alun Cathcart.
Analysts say Moloney’s sudden departure could fuel bid speculation for the group, which suffered its latest profit warnings in February following several last year.
However, EMAP says its final results on May 22, are in line with expectations.
Moloney joined EMAP in 1981 and became chief executive in January 2003.
EMAP says a replacement for Moloney is underway.
Moloney recently announced plans to sell EMAP’s Irish radio stations after warning that advertisers were abandoning radio to go online.