CTC Media to replace independent director April 27
MOSCOW. April 9 (Interfax) - Shareholders in CTC Media hold their annual meeting on April 27, the company said in a statement.
The register closed on March 15.
The agenda includes approving Ernst & Young as auditor for 2012 and electing three members of the board whose term expires in 2012.
Two of them - Modern Times Group (MTG) chief executive Hans-Holger Albrecht and Angelo Codignoni - the former head of Eurosport, will be re-elected for a new three-year term.
An independent director, Charles Burdick, will make way on the board for Jean-Pierre Morel, a former top manager of French TV channel TF1 and a former Eurosport board chairman.
CTC Media manages the CTC, Domashny and Perets television channels; as well as assets in Moldova and Kazakhstan; and production companies.
Modern Times Group (MTG) owns 38.19% of the shares, Cyprus-registered Telcrest Investments Ltd., owned by NMG, Bank Rossiya, Surgutneftegas and Itera , own 25.17%; JP Morgan owns 6.4% and Capital Research Global Investors owns 5.52%.
CTC also said it would be hiring san international consultant to review the criteria for awarding bonuses to top managers due to changes in the market.