Flanagan stepped down from the top job at Scottish Media Group after 10 years and was replaced by Donald Emslie, currently chief executive of SMG's television business, who has been acting chief executive while the recruitment process to find a replacement has been under way.
Emslie is also understood to be in line for the top job, with up to three external candidates also being considered for the role. Emslie has 20 years' experience in the UK media sector and seven years on the SMG board.
At SMG, Hazlitt is responsible for Virgin Radio, along with its sister stations Virgin Radio Classic Rock and Virgin Radio Groove, which are available on digital radio in London and online.
The company is currently undergoing a sea change as it attempts to sell off its Pearl & Dean and Primesight businesses, with up to 40 bidders interested in the properties, according to reports. ITV is one of the bidders believed to be interested.
A successful disposal would leave SMG focused on its Scottish television franchises STV and Grampian, TV production business, Virgin Radio, and its increasing online activities.
Last month, the company released results for the first half of 2006. SMG's pre-tax profits climbed 19% year-on-year from £6.7m to £8m, while turnover fell 7% from £94.9m to £88.6m.
TV revenues fell while radio and online revenues grew, and SMG said it expects this pattern to continue in a "challenging" second half of the year.
The group followed those results by releasing a profit warning this month saying it was in discussions with its lenders about renegotiating its debt covenants.
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