If anyone knows about baptisms of fire it is surely Fru Hazlitt. Just days before she was appointed the new chief executive of GCap Media, the company's board was fending off an approach from private rival Global Radio. And now, three weeks into the job, Hazlitt is being rushed into announcing a strategy she hopes will convince shareholders that the decision to reject the approach was justified.
That strategy, which Hazlitt says will "encompass a thorough review of all aspects of the business", is a few weeks off being finalised but, in the meantime, the industry is busy speculating on whether the former Yahoo! and Virgin Radio boss can cut the mustard.
Erica Taylor, group buying director at Starcom, says: "I don't think I could second guess for a millisecond what she's going to do. Over the past couple of years they've tried so many different things - whether it's shifting the target audience or cutting ad minuteage - that, to date, haven't necessarily had the results they wanted them to have, so it's really difficult to call."
For immediate results, Hazlitt is known to be planning a round of cost-cutting, most notably by scaling down digital-only stations such as Chill, which is now off the Sky EPG, and Core, which ceased broadcasting on Friday.
It is also anticipated she will carry out some serious culling, which certain onlookers consider is long overdue.
Long-term focus
Jonathan Barrowman, head of radio at Initiative, says: "GCap's structure is very hierarchical, which means it can be slow to react to the market. Fru may want to clarify how best GCap's structure can engage agencies and advertisers."
However, once the immediate savings are made, Hazlitt will have to turn her attention to long-term improvements.
Paul Bates, media analyst at Charles Stanley Securities, says: "If GCap is going to stay the distance, it has got to come out with a punchy strategy update that has credibility and achievability, and it has to be working at more like the 210p share price level.
"If Hazlitt wasn't backed into a corner, her strategy would be more about growth than cost-cutting, but as it is we can expect it is going to save on DAB output, re-examine Capital's two-in-a-row advertising policy and look at the size and shape of the group."
Whether that involves selling from the bottom up and ditching some local assets, or getting rid of one big station such as Classic, remains to be seen, but one thing is for sure: time is of the essence.
"GCap has an operating margin of 6.5%, while Emap had one of 20% on a smaller turnover and it shouldn't really be that way," says Bates. "GCap has a margin target of 12-14% by March 2009, but I think it has to have a higher one and with more immediacy to it."
Whichever route Hazlitt decides to head down, there will always be the threat of Global Radio hanging over her head.
The company has said it will not keep coming back with ever-increasing offers, but no one is in any doubt that Global was formed with the sole intention of consolidating the radio market. With little else on offer - Virgin and UTV Radio are not the most attractive bets - Global will be back knocking soon. However, with Emap in the process of being sold to surprise package H Bauer, Global is not the only organisation sniffing around for a deal.
Pressure is on
Ex-Chrysalis chief executive Phil Riley is known to have private equity backing, while former Emap Performance chief executive Tim Schoonmaker has been out of the spotlight for a long time.
But what makes Global think it can succeed where GCap has so far failed?
Starcom's Taylor believes Global will, quite simply, offer a much-needed fresh approach in the wake of the departure of Hazlitt's predecessor, Ralph Bernard.
She adds: "Fru would have the new focus that's needed, but at Global you have a whole team."
With Global having raised shareholders' expectations, the pressure is on Hazlitt to turn the group around in record time.
The group's track record since its formation from the merger of Capital and GWR does not make this scenario look very likely.
GCAP: TIMELINE OF EVENTS
17 January 2007: Fru Hazlitt joins from Virgin Radio as managing director, GCap London - Share price 212p
27 March: It is announced that Richard Eyre is to join as non-executive deputy chairman in May - Share price 219p
29 May: Share price hits its highest point in 2007, 258.5p
31 August: Paul Jackson is hired from Virgin Radio as managing director of Capital 95.8 - Share price 226p
1 November: Richard Eyre becomes non-executive chairman
23 November: Ralph Bernard announces he is retiring from his role as chief executive - Share price 132p
12 December: Capital 95.8 prog-ramme director Scott Muller is removed from his post after 18 months and made group programming head - Share price 126p
14 December: David Andrews and his company EMO appointed to handle marketing for Capital 95.8. Marketing director Nick Button is made redundant - Share price 127p
17 December: A £310m bid from Global Radio at 190p a share is rejected by the board - Share price 123p
20 December: Hazlitt is appointed chief executive - Share price 124p
7 January 2008: Share price soars to 176p after news of Global's approach is revealed to the press
9-11 January: Share price passes the 205p mark on Wednesday before falling back to 195.25p at close of business on Friday.