Blackstar executive chairman Andrew Bonamour.   Picture: FINANCIAL MAIL
Blackstar CEO Andrew Bonamour. Picture: FINANCIAL MAIL

BLACKSTAR CEO Andrew Bonamour and two of his colleagues from the private equity firm are on Thursday scheduled to take over managing Times Media Group (TMG) following the sudden exit of executive chairman Colin Cary on Wednesday.

Mr Bonamour, who is the CEO of the listed holding company TMG, will now also take over as CEO of the operating company, Times Media.

"I’m moving into the fourth floor. This job will take seven days a week. It’s a permanent job. TMG is a big investment for us," Mr Bonamour said.

"We want to make sure it works. I’m bringing my team, three of us ... we put the deal together and that’s why we are taking a bigger role," he said.

Mr Bonamour was referring to the delisting of Avusa last year and its relisting as TMG.

TMG issued a statement on Wednesday saying Mr Cary had decided to end his tenure as executive chairman as the parties had "been unable to meet certain terms proposed".

Asked whether he had been fired, Mr Cary responded: "Not at all … I am happy where I am. I have not been fired. We could not agree on terms."

Mr Bonamour also dismissed talk of Mr Cary being fired, stating: "We did not fire Colin. He said he would not take the job if he did not get certain incentives. It was amicable.

"He is a wealthy man and a brilliant entrepreneur and did not need the job. His contract was conditional on the incentives. It had to be voted on and we could not deliver on the incentives he wanted."

Mr Bonamour could not say what these incentives were or whether Mr Cary was paid out.

Mr Bonamour said the company would give a clear update when the group issued interim results this year.

© BDlive 2013