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.