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.
