May 05, 2011 at 02:24 PM
written by

IMG's Forstmann Being Treated For Brain Cancer

Sad news for the Chairman and CEO of global sponsorship agency, IMG. Ted Forstmann recently underwent surgery and is being treated for what the WSJ reports is a life-threatening form of brain cancer.

Mike Dolan, who was previously IMG's CFO, has been promoted to President and Chief Operating Officer.

"Ted continues in his position as chairman and chief executive officer and will be working closely with Mike to continue his long-term strategy of growing IMG's business," an IMG spokesman told the NY Post.

Before acquiring IMG, the private equity firm he founded, Forstmann Little & Company, made 31 acquisitions including Gulfstream Aerospace, Dr. Pepper, The Topps Co., Ziff Davis, Citadel Broadcasting and 24 Hour Fitness.