DMGT chief executive to step down
By Abigail Townsend
Date: Thursday 22 Sep 2022
(Sharecast News) - Lord Rothermere is to take over as chief executive of Daily Mail and General Trust following the departure of current incumbent Paul Zwillenberg, the media group confirmed on Thursday.
The owner of the Daily Mail, which was taken private earlier this year, said Zwillenberg would step down on 30 September after nearly seven years in the role, although he will continue to act as an advisor to Lord Rothermere.
Jonathan Harmsworth, the fourth Viscount Rothermere and the great-grandson of the founder, said: "DMGT has been transformed under Paul's leadership, setting up the business for an exciting future on our own terms.
"During Paul's time as chief executive he refocused the portfolio, putting us on a firm financial setting so we could take the company private, while driving technology modernisation."
In a message to staff, Rothermere - who is already chair - added that he would be meeting with senior leaders in the coming days "to discuss next steps and new ways of working".
Separately, Zwillenberg told staff it was an "inevitable consequence of the strategy we put in place six and a half years ago, if it was successful, that I would work myself out of a job.
"There could be not better expression of the success of that strategy than taking the business private...which delivered so much value for the family and our shareholders."
During his tenure, Zwillenberg reorganised the company - including selling insurance risk business RMS and acquiring the i newspaper - ahead of the Rothermere family taking full control in a £2.4bn deal.
The firm quit the London Stock Exchange in January after 90 years as a public company, although the Rothermere family has always retailed a significant shareholding.
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