“Adrian Sarbu has played a prominent role in the company for nearly two decades. Initially, he was CME’s partner when CME launched Pro TV in Romania in 1995. Subsequently, he served as Chief Operating Officer of the company from 2007 to 2009. Since 2009 he has been President and CEO,” CME said in a press release.
Ronald Lauder, CME’s founder and Managing Board Chairman thanked Sarbu “for his numerous contributions to the success of CME and for the passion, dedication and outstanding creative vision he has shown since 1995.”
“Over this period, Adrian drove the implementation of CME’s multi-channel strategy and new media initiatives. And he has worked diligently and successfully as CEO to maintain the company’s market leading positions in difficult macroeconomic conditions and a transitional period in the industry. We are grateful for Adrian’s leadership throughout and look forward to continuing to work with him in the future,” Lauder said.
Sarbu said he is “proud” to have been a part of CME for nearly 20 years and to have ensured its success through a very challenging period.
“It is an outstanding organization with talented employees. I am confident the company is well positioned for the future. My mission at CME is accomplished,” Sarbu added.
Sarbu will continue to be employed by CME until January 1, 2014.
“The Board has designated Duco Sickinghe, a member of the Board, to lead a committee of directors to ensure a smooth business transition while the committee conducts a search for a permanent CEO,” the press release reads.
“The Board strongly supports the strategies undertaken by CME during 2013, including important initiatives like the increases in television advertising prices and carriage fees, which are expected to produce the most value from CME’s primary businesses, and result in strong performance from the company.”
Sarbu founded private television station Pro TV in December 1995 and is one of the main individual shareholders of CME following the merger between the company and Media Pro in 2009. He also owns Mediafax Group.