UK-based DCD Media has promoted the chief exec of its September Films subsidiary to be new group CEO, with current incumbent David Green taking over as executive chairman.
Sammy Nourmand takes on the top post five years after he engineered the sale of September to AIM-listed prodco DCD. He became a company director last year, and was acting chief operating between 2009 and 2010.
A further move sees Green, who has been CEO since 2009, moving upstairs to become exec chairman, according to a filing made this morning.
He will continue to combine his corporate responsibilities with overseeing DCD’s push into the US market, where both September and its sister prodco Rize operate.
“David has been a colleague and a mentor to me for several years and I am delighted to have the opportunity to build on the foundations he has put in place at DCD,” said Nourmand.
“Sammy has been a dynamic force for change within DCD, where his wide-ranging expertise and in-depth knowledge of the television industry mark him as the perfect person to take the company to the next level, and enable me to concentrate on driving DCD’s US business, keeping it at the forefront of the group’s growth,” added Green.
The news comes after C21 revealed fellow AIM-listed firm Timeweave, which holds exclusive broadcast licences to 31 racecourses in the UK and Ireland through its half-owned subsidiary Amalgamated Racing, had bought 29.9% of DCD’s loan notes.
The news sent DCD’s share price soaring 300% to a six-month high of £7.80 (US$12.32).
It is understood Timeweave plans to convert the notes into shares, an option it has until October 1 this year to exercise. This would make it DCD’s biggest shareholder, a title currently held by investment group Henderson, which has a 28.7% stake, followed by Green, who owns 17.4%.
A DCD spokeswoman said the board changes were planned before Timeweave unexpectedly entered the frame and were therefore unrelated.
DCD is also in the process of restructuring its UK production business and is planning to open more regional divisions. C21 understands the DCD brand itself is among the issues being discussed. Further changes announced today see John Cusins joining Tarik Wildman as non-executive director.
Cusins said: “The change in the composition of the board is entirely consistent with the recent developments and plans for the group. I strongly believe that in these roles David and Sammy will continue to deliver shareholder value from the group’s businesses on both sides of the Atlantic.”