SMG brings in Huntingford for Virgin Radio flotation

LONDON - Richard Huntingford, the chief executive of Chrysalis Group, has been appointed non-executive chairman of Virgin Radio as the radio network looks to float on the stock market.

Scottish Media Group, Virgin's parent company, said earlier this it will spin off its radio division as a separate listed company in the autumn. There had been speculation it would instead sell Virgin, with Sir Richard Branson reportedly interested in buying it back.

The appointment of Huntingford, as well as a chief financial officer and a senior independent director, indicates the flotation plan is still on track.

The present state of the stock markets may limit investor enthusiasm for the listing, although an SMG spokesman today confirmed it still intends to go ahead with the move.

Huntingford is expected to step down from Chrysalis as soon as the group begins it focus on music publishing in the wake of selling off its radio division to Global Radio.

He joined Chrysalis in 1987 as corporate development director and was responsible for the company's initial investment in the radio sector in 1992, becoming chief executive of Chrysalis Radio in 1994. He was promoted to group chief executive in 2000.

Joining him at Virgin are Rosemary Thorne as senior independent director and David Palmer as chief financial officer.

Thorne is non-executive director at Cadbury Schweppes and Abbey and has previously been finance director at Ladbroker, Bradford & Bingley and J Sainsbury.

Palmer has been involved in a number of growth and restructuring assignments since 1999, including British Mediterranean Airways, regional newspaper publishing group Local Press Limited and internet futures broker Global Direct Dealing.

The trio will support Paul Jackson, the Virgin Radio chief executive who took over when Fru Hazlitt left to join GCap Media in January.

Rob Woodward, chief executive of SMG, said: "Virgin Radio now has a high quality board which, along with the proven management team led by chief executive Paul Jackson, will oversee the flotation of Virgin Radio."

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