Bailey steps up to take top job at IPC

Mike Matthew, the chief executive of IPC Magazines, is to step down in December and hand over control of the group to Sly Bailey, managing director of the TV weeklies group, IPC tx.

Mike Matthew, the chief executive of IPC Magazines, is to step down

in December and hand over control of the group to Sly Bailey, managing

director of the TV weeklies group, IPC tx.



Matthew’s decision came as a surprise to many in the industry, who had

thought he would stay on to oversee the flotation of the company. IPC,

in which Matthew is an investor, plans to float within the next three

years.



’We clearly have to be in a position when we go to flotation of having

an established chief executive who will stay with the company into the

future, and that doesn’t fit into my timescale,’ Matthew said.

’Fifty-five years was my absolute deadline for my wanting to retire and

I’m approaching my 52nd birthday.’



Matthew has been chief executive of IPC since 1992 and has worked for

the company for 35 years, working his way up through the company’s ranks

from office junior. He led the Cinven-backed management buyout of IPC in

January 1998, and will remain on IPC’s group board as non-executive

deputy chairman.



David Arculus, group chairman of IPC, said: ’Mike has made an enormous

contribution to IPC in his seven years as chief executive.’



Nicholas Coleridge, the managing director of Conde Nast, expressed

surprise at Matthew’s decision to resign, describing him as ’a legend’.

Sue Hawken, the managing director of Emap Elan, said: ’I am in

shock.’



Bailey joined IPC in 1989 as head of divisional classified advertising

sales. Before her appointment as head of the TV weeklies group, she was

group advertisement sales director at the company.



Arculus said of Bailey’s appointment: ’She has been an outstandingly

successful managing director of IPC tx, and has the breadth of

experience to be a highly effective leader of the whole group.’



Bailey added: ’We have a great business and tremendous building blocks

have been put in place by Mike. I will be spending the next few weeks

looking at all aspects of the business.’



In a separate move, IPC has appointed Linda Lancaster-Gaye, the managing

director of IPC Connect, the women’s weeklies division, to the IPC Group

board.



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