IPC cuts top brass after buyout

Mike Matthew, IPC’s chief executive, has streamlined top management at the company following this week’s pounds 860 million management buyout from Reed Elsevier.

Mike Matthew, IPC’s chief executive, has streamlined top management

at the company following this week’s pounds 860 million management

buyout from Reed Elsevier.



Matthew, who remains in charge after the buyout, backed by the venture

capitalist, Cinven, wants to create a more reactive organisation.



Nigel Davidson, managing director of the women’s weeklies group who

resigned in July and was to serve a 12-month notice, will go on

gardening leave and be replaced by Linda Lancaster-Gaye, who was

managing director of IPC’s specialist group.



The specialist group has been pared down to two units from three, with

Andy McDuff, former publishing director of IPC’s Music and Sport Group,

promoted to managing director, and Sylvia Auton, publishing director of

IPC science and special interest titles, becoming managing director of a

new Country and Leisure Group. Sandy Whetton, publishing director for

IPC’s leisure titles, leaves to take up a senior position with Reed

Elsevier.



Matthew added: ’We will continue to launch new titles. We will do

tactical acquisitions, which we couldn’t do as part of Reed

Elsevier.’



Of the acquisition, Matthew said: ’It gives us the independence we

wanted and the financial clout we needed.’



Although media agencies were relieved that IPC had not been bought by an

existing consumer publisher, there was concern about Cinven’s

intentions.



One media buyer said: ’Venture capital companies have a reputation for

asset stripping.’



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