Modern Times Group (MTG), the Swedish parent of Viasat Broadcasting, Strix Television and CTC Media in Russia, has appointed a new CEO and group president.Jørgen Madsen was this morning named successor to Hans-Holger Albrecht, who will leave MTG in September to become president and CEO of Millicom International Cellular. Madsen takes over on September 15.
After exiting the CEO and president role, Albrecht will retain his chairmanship of CTC, of which MTG is the largest shareholder.
A member of MTG’s executive management team since 2000, Madsen was appointed as executive VP of MTG’s Nordic broadcasting operations in October 2011, after having been CEO of the Danish operations since 2002.
Madsen was also chairman of MTG-backed TV Prima in the Czech Republic between 2008 and 2011, and oversaw the group’s Hungarian operations from 2010 to 2011.
“Continuity is critical to the group’s ongoing success, which is why succession planning is part and parcel of our daily work, and has enabled us to promote such a strong internal candidate into this role,” said David Chance, chairman of MTG.
Under Albrecht’s 12-year tenure at the top of MTG, the group’s sales have tripled to SEK13.5bn (US$2bn) in 2011, while the group’s market capitalisation has increased to over SEK21bn, according to MTG. The group’s TV channels are available in 36 countries in four continents.