PRAGUE. DECEMBER 15. INTERFAX CENTRAL EUROPE - Regional broadcaster Central European Media Enterprises (CME), listed in Prague and of the Nasdaq , announced Monday that CEO Michael Garin will step down effective January 1, 2009 and named current COO Adrian Sarbu as company president.
"CME remains in very strong hands. My greatest source of pride is in our 3,500 employees - less than 40 of whom are from outside the region," said Garin, who will remain with the company as Vice-Chairman of the Board. "Building a company that has empowered the people from our seven countries - Bulgaria, Czech Republic, Croatia, Romania, Slovak Republic, Slovenia and Ukraine - will be my lasting legacy."
Garin was appointed CEO in 2004. The company said he was instrumental in defining the company's strategy and its growth over the last five years and helped grow to become the leading broadcaster in Central and Eastern Europe operating 22 TV networks.
Sarbu, who will remain Chief Operating Officer, has been CME's partner in Romania since 1995. "I look forward to the continued development of under his leadership," said CME's founder and Chairman of the Board Ronald Lauder.
has television stations in Bulgaria (TV2 and Ring TV), Croatia (Nova TV), Czech Republic (TV (346 CZK, 5,30%), Cinema, Sport and MTV Czech), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro and MTV Romania), Slovakia (Markiza, Sport and MTV Czech), Slovenia (POP TV, Kanal A) and Ukraine (Studio 1+1, Studio 1+1 International, Kino, Citi).
is traded on the NASDAQ and the Prague Stock Exchange under the ticker symbol "CETV."