Modern Times Group (MTG) has announced the resignation of Hans-Holger Albrecht and the appointment of Jørgen Madsen as group president and CEO.
Albrecht will leave MTG in September to become president and CEO of the NASDAQ-listed global telco group Millicom International Cellular (‘Millicom’), while Madsen will take on his new role on September 15.
Albrecht has served as MTG president and CEO since August 2000, prior to which he was CEO from May 2000. He joined the group in 1997 and held various positions, including head of its pay-TV operations.
Madsen, on the other hand, has been a member of the group’s executive management team since 2000 and was appointed executive VP of MTG’s Nordic operations in October 2001.
He joined the company, then a subsidiary of Kinnevik, in 1994 and has recently also held the positions of CEO of the group’s Danish operations and group of sport since 2002 and chairman of TV Prima in the Czech Republic between January 2008 and October 2011.
Albrecht presided over huge changes at MTG over the past 12 years and was one of the longest serving and successful CEOs in the industry.
In his time at the helm, the group’s revenues between 2000-2011 tripled to SEK13.5 billion (€1.6 billion), while its market capitalisation increased to over SEK21 billion with a low net debt level.