David Montgomery has agreed to relinquish some control over his struggling European newspaper empire, Mecom. He is to give up his role as executive chairman to become chief executive in the face of a plunging share price, down to 1.73p on Friday (from 61p earlier this year).
Mecom owns 300 titles in Scandinavia, Denmark, the Netherlands and Germany, where it has the Berliner Zeitung. Last month it issued a profit warning and said it was considering selling its Norwegian arm to reduce its debt. (Via Sunday Times)
