IMG Board Says Maximum Value Best Achieved As A Standalone Company
Following the passing of IMG CEO Ted Forstmann, the company's Board of Directors has elected Michael Dolan Chairman and Chief Executive Officer. Dolan joined IMG in early 2010 as Executive Vice President and Chief Financial Officer and in April, was appointed President and Chief Operating Officer. He was Mr. Forstmann’s hand-picked successor to run the company following his death.
“Mike's broad global experience and record of success makes him a clear choice to lead IMG forward,” said Julian Robertson, founder of the investment firm Tiger Management who was appointed this morning Chairman of Forstmann Little &Co. “Mike has the vision, experience, passion and leadership skills to ensure IMG’s continued growth and success." Mr. Robertson has also been elected to the Board of Directors of IMG.
“Over the past two years we have developed a strategic plan for the company that is powerful and has already begun to produce significant sustainable results," Dolan commented. "We are committed to growing the business to maximize the value for our shareholders.”
In a statement released by the Board of Directors, IMG rebuffed recent speculation that the company may be split-up saying that it believes the maximum value of the company can best be achieved as a standalone company.
“IMG has lost an outstanding leader and friend in Ted Forstmann,” said Mike Dolan. “I am proud and honored to take on this role and to continue building IMG for future growth and success. IMG is an extraordinary company with scale, scope and assets that are unrivaled within the industry. With IMG’s strong leadership team, strong businesses, and new and exciting revenue opportunities, I am confident that we can continue to grow this company long into the future.”
Prior to joining IMG, Dolan served as Executive Vice President and CFO of Viacom, where he led the spin-off of Viacom from CBS and the launch of the new independent public company and prior to that, he served as Chairman and CEO of Young & Rubicam, where he climbed the ranks after beginning his career there in 1995.