Wood steps down at Zinc

The CEO at UK-based Zinc Media (fka Ten Alps) has left the embattled TV production outfit after less than two years.

Mark Wood

Mark Wood’s departure comes after a period of restructuring at the factual-focused media group.

Zinc said it had no immediate intention to replace Wood but added that Peter Bertram, the firm’s chairman, would spend more time with the business and chief financial officer David Galan would help to cover Wood’s remit.

Zinc issued a profit warning in May saying that it expected its full-year results to below behind expectations, prompting its shares to slide.

The company changed its name in February, retaining its TV brands, which include Blakeway, Brook Lapping, Films of Record and Reef Television.

Ten Alps acquired factual producer Reef in a reverse takeover last year at the same time as the UK indie group’s founder, Sir Bob Geldof, stepped down from the board.

It also raised £4.5m (US$6.24m) in a new funding round and restructured its debt, subsequently making an investment in drama prodco Chrysalis Vision.

The firm refinanced in 2010 after recording a £13m loss in the first half of the year, when the UK government withdrew funding for its Teachers TV network, leaving it nursing a bank debt of £6.65m.

Bertram said: “We thank Mark for his contributions to the group and wish him every success in his future endeavours.”