TORONTO, Jan. 12, 2015 /PRNewswire/ - Corus
Entertainment's (TSX: CJR.B) President and Chief Executive
Officer, John Cassaday,
today announced that, after 25 years in broadcasting and 15 years
as President and CEO of Corus Entertainment, he is retiring from
the Company at the end of his contract term, effective March 30, 2015.
Doug Murphy, Chief
Operating Officer, will assume the role of President and Chief
Executive Officer of Corus following John's departure.
"Under John Cassaday's strategic
leadership, Corus has grown and created a diversified portfolio of
powerful brands, encompassing television, radio and content assets
which have delivered significant long-term value to shareholders
and customers over the past 15 years," said Heather Shaw, Executive Chair. "Under John's
stewardship, Corus' market cap has quadrupled, free cash flow has
grown in excess of $175 million and
our asset base has increased from $860
million at its inception to $2.8
billion," she said.
During his tenure, John has received noteworthy recognition for
his involvement in the industry and the community. In 2004, he
received the Gold Medal from the Association of Canadian
Advertisers and was honoured by the Canadian Association of
Broadcasters for his exceptional commitment to broadcasting with
the Gold Ribbon Award for Broadcast Excellence. In 2006, he was
inducted into the Marketing Hall of Legends and in May 2015, he will be similarly honoured by the
Canadian Broadcast Industry Hall of Fame. John's creation of and
commitment to Corus' core values has resulted in numerous company
awards for excellence in investor relations, employee relations and
content. He has been instrumental in raising awareness and funds
for charitable causes and educational institutions, establishing
Corus' corporate giving strategy Corus Feeds Kids, serving as Chair
of the United Way campaign for Metro Toronto and co-chairing
fundraising campaigns for St.
Michael's Hospital and Rotman
School of Management. John is also a member of the Order of
Canada.
Doug Murphy has been with the
Company for 12 years and has held numerous senior management
positions. Doug joined the Company in 2003 to grow the Nelvana
business as Executive Vice President, Business Development. He was
later promoted to Executive Vice President & General Manager
Corus Kids, expanding his oversight
to include Corus' kids television networks in 2008 and
subsequently, to President, Corus
Television responsible for all Corus Television assets in
2010. In 2013, Doug was appointed Chief Operating Officer adding
the Radio division to his role. Before joining Corus, Doug spent
ten years with The Walt Disney Company in a variety of executive
positions in Canada, the United States and Japan. Doug holds an MBA from the Harvard Business School and an HBA from the Richard
Ivey School of Business at the University of
Western Ontario.
"Succession planning is an integral part of our operations and
has resulted in Doug's advancement in the company, most recently
with his appointment as COO in 2013. After 15 years as President
and CEO of Corus and with my current contract coming to an end,
this is the right time for me to move on to other opportunities
knowing that Doug is ready to take on the position," said
John Cassaday. "Doug is an excellent
executive, well-versed in the company's operations and culture. His
proven leadership skills coupled with the strength of our senior
executive team, leaves me confident that Corus is well positioned
for continued success and future growth."
"The Board fully supports this well-planned transition," said
Heather Shaw. "John and Doug have
worked closely together for over 10 years and we're confident that
Doug will continue Corus Entertainment's legacy of growth and
success. In his new role, Doug, the Board, and our strong executive
team will continue to build Corus' market position and will remain
focused on delivering great value to our shareholders."
About Corus Entertainment
Corus Entertainment Inc. is a Canadian-based media and
entertainment company that creates, broadcasts and licenses content
across a variety of platforms for audiences around the world. The
Company's portfolio of multimedia offerings encompasses specialty
television and radio with additional assets in pay television,
television broadcasting, children's book publishing, children's
animation and animation software. Corus' brands include YTV,
TELETOON, ABC Spark, W Network, OWN: Oprah Winfrey Network
(Canada), HBO Canada, Historia and
Séries+, as well as Nelvana, Kids Can Press, Toon Boom and 39 radio
stations including CKNW AM 980, Rock 101, Country 105, 630 CHED,
Fresh FM London, JUMP! 106.9, Q107 and 102.1 the Edge. A publicly
traded company, Corus is listed on the Toronto Stock Exchange
(CJR.B). Experience Corus on the web at corusent.com
SOURCE Corus Entertainment Inc.
