Intertain Group has announced that John Kennedy Fitzgerald has decided to step down as the companyâs CEO.
Upon the completion of an independent committee review of the company, Fitzgerald informed the board that he believes the firmâs âcore business assetsâ for âgrowth and prosperityâ are in place.
Fitzgeraldâs decision is believed to be based on the CEOâs role in relation to the companyâs goals going forward, in particular that the focus of the role would shift from an âacquisition asset to operational excellenceâ. Consequently he advised that a replacement with the necessary skills be sought.
Intertain said it will begin to recruit for an âoperationally-focused chief executiveâ, whom is located in a European city, preferably closer to the companyâs core operations.
âWe have assembled a terrific group of industry leading assets and I am fortunate to work with strong executives in our operating businesses,â Fitzgerald said.
âI have advised the board for some time that the longer term focus of our CEO should be on operations and I look forward to passing the baton when the board has identified the right person to lead us in the next stage of our growth.â
Stan Dunford, chairman of Intertain, added: âWhile the past few months have been hard for all of us, the strengthening of our management ranks for our growing and more complicated business, the recruitment of additional board skill sets to help strengthen our governance oversight and ultimately the addition of a CEO with a focus on operational excellence will all contribute to a better Intertain.â