Hans Holger Albrecht is leaving the Modern Times Group after twelve years at the helm of the pan-European broadcast group. Albrecht is leaving to become the CEO of Nasdaq-listed telco Millicom International. He will be replaced by Jørgen Madsen, who becomes MTG’s group president on September 15, when Albrecht departs the company.
Albrecht has served on the Millicom board since 2010 and will replace Mikael Grahne at the emerging markets-focused telco. Grahne stepped down after three years in charge of the company in what market watchers considered a surprise move.
Jorgen Madsen joined MTG in 1994 and has been a member its executive management team since 2000. He was appointed executive VP of MTG’s Nordic Broadcasting operations in October 2011, after having served as CEO of the Group’s Danish operations and group head of sport since 2002. Jørgen was also chairman of the Board of TV Prima in the Czech Republic between January 2008 and October 2011, and was responsible for overseeing the group’s Hungarian operations from 2010 to 2011.
Madsen said: “I am excited by my new role and grateful to the Board for this opportunity. MTG is a great company with a strong culture and tradition of constant innovation. Our channels are now available in 36 countries spanning four continents, which is quite a platform on which to build, as we focus on further enhancing our content offering, embracing new technologies, and expanding into new markets.”
David Chance, chairman of MTG’s board of directors said: “Under [Hans Holger’s] leadership, MTG’s sales have tripled since 2000 to SEK13.5 billion (US$1.5 billion) in 2011, while the group’s market capitalization has increased to over SEK 21 billion with a low net debt level, and an additional SEK7 billion has been distributed to shareholders in the form of equity or cash dividends and share buy-backs.”