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Hand steps down as Emap chief.(Kevin Hand leaves Emap)(Brief Article)(Statistical Data Included)
Emap's group chief executive Kevin Hand, has abruptly quit his post at the publisher.
The dramatic announcement ends months of mounting speculation over whether Hand's position at Emap remained tenable. The publisher's chief had publicly carried the can for the disastrous acquisition of the American magazine group Peterson, which has acted as a crippling drag to Emap's performance.
Hand is replaced by the former non-executive chairman Robin Miller, who Emap predicted would remain in the post for the next two years. Miller's appointment will scotch rumours that the former ITV chief executive, Richard Eyre, would be drafted in to replace Hand. Miller is replaced as the chairman by Adam Broadbent, a non-executive director of the company since 1997.
Hand authorised a payment of 850 million [pounds sterling] for Peterson, which publishes US titles such as Guns and Ammo. Analysts predicted that the price would prove to be too generous. Their caution has been validated by Emap's announcement, concurrent with Hand's departure, that it has made a 545 million [pounds sterling] write-down ...
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