Intertain Group has announced that John Kennedy Fitzgerald has decided to step down as the company’s CEO.
Upon the completion of an independent committee review of the company, Fitzgerald informed the board that he believes the firm’s “core business assets” for “growth and prosperity” are in place.
Fitzgerald’s decision is believed to be based on the CEO’s role in relation to the company’s goals going forward, in particular that the focus of the role would shift from an “acquisition asset to operational excellence”. Consequently he advised that a replacement with the necessary skills be sought.
Intertain said it will begin to recruit for an “operationally-focused chief executive”, whom is located in a European city, preferably closer to the company’s core operations.
“We have assembled a terrific group of industry leading assets and I am fortunate to work with strong executives in our operating businesses,” Fitzgerald said.
“I 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.”
Stan Dunford, chairman of Intertain, added: “While 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.”
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