Metro International S.A. ("Metro" or "the Group"), the international newspaper group, today announced savings on Headquarter cost in 2011. The net cost of Metro's Headquarter is expected to be €14.0 million in 2011, as compared with a net cost of €16.8 million in 2010. As one of the results of these cost cutting measures, the Executive Management team will be reduced by three roles. The roles affected are the operational Executive Vice President (EVP) positions of Asia, Northern and Southern Europe. The remaining responsibilities will be divided between Per Mikael Jensen, President and CEO, and Anders Kronborg, CFO. Metro is in a different position today compared with a few years ago. Unprofitable operations have been sold, turned into franchisees or Joint Ventures or, in the case of the Spanish operation, closed. Current operations are well positioned for the years ahead. Better performance from the Group has reduced the need of operational support from Headquarters, allowing for a smaller management team. The downsizing of Headquarters can hence continue despite recent investments in the Online and Global Editorial departments. Per Mikael Jensen, President and CEO, commented: "Thanks to the improved performance from the Group in recent years, these cost saving measures are made possible. The Executive Management team will move from nine people to six. We are dedicated to the task to continue to reduce headquarter cost further in the future." For further information please visit metro.lu or contact: Per Mikael Jensen, President and CEO Tel: +44 (0)78 4167 3230 Anders Kronborg, CFO Tel: +44 (0)79 1254 0800 *** ABOUT METRO INTERNATIONAL AND METRO Metro is the largest international newspaper in the world. Metro is published in over 100 major cities in 19 countries across Europe, North & South America and Asia. Metro has a unique global reach - attracting a young, active, well- educated Metropolitan audience of 17 million daily readers. Metro International S.A. shares are listed on Nasdaq OMX Stockholm through Swedish Depository Receipts of series A and series B under the symbols MTROA and MTROB. [HUG#1476050]
Metro announces savings on Headquarter cost and changes to senior management
| Quelle: Metro International S.A.