Mecom boss Tom Toumazis to leave publisher after less than a year

Tom Toumazis, the chief executive of beleaguered newspaper publisher Mecom, is to leave the company after less than a year. Toumazis, the former senior Endemol executive who was signed up last May to implement a turnaround plan, will leave the company in September and will not be replaced. The board of Mecom confirmed on Thursday that a strategic review of the business is being launched to look at a number of options including a break up of the business. The company will now look to appoint a bank to advise on strategic options for the business. The Dutch business is the jewel in Mecom's crown, accounting for almost half of revenues and 80% of operating profits, however a recent shock double-digit advertising decline at the operation in part sparked a rethink on the viability of Toumazis's turnaround plan. Since Toumazis unveiled the plan in February, Mecom's fortunes have gone into reverse, with shares in the company slumping 50% to an all-time low in June after it delivered two profits warnings in six weeks . Mecom's share price rose 17% to 62p as investors sensed the possibility of seeing significant returns from a possible break-up of the company. Toumazis will not be replaced and chairman Stephen Davidson will take an executive role. "Today's announcement of a review of Mecom's options is a logical step for the company in light of the significant recent changes in the operating environment," said Davidson. • To contact the MediaGuardian news desk email [email protected] or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. If you are writing a comment for publication, please mark clearly "for publication". • To get the latest media news to your desktop or mobile, follow MediaGuardian on Twitter and Facebook