As expected, IMG and Forstmann Little today carried out the wishes of their late boss Tedd Forstmann by choosing his handpicked successors to lead the companies after his death. And, no, Michael Ovitz wasn’t mentioned:
NEW YORK, NY — IMG Worldwide, a leading global sports, fashion and media company, announced today that the shareholders of IMG have unanimously elected Michael Dolan Chairman of IMG and the IMG Board of Directors has unanimously elected him Chief Executive Officer, following the passing of IMG’s former Chairman and Chief Executive Ted Forstmann. Mr. Dolan joined IMG in early 2010 as Executive Vice President and Chief Financial Officer. In April 2011, Mr. Forstmann appointed Mike Dolan to President and Chief Operating Officer to lead day-to-day management of the company, and serve as Mr. Forstmann’s hand-picked successor to run the company following his death.
“Mike’s broad global experience and record of success makes him a clear choice to lead IMG forward,” said Julian Robertson, founder of the investment firm Tiger Management who was appointed this morning Chairman of Forstmann Little &Co. “Mike has the vision, experience, passion and leadership skills to ensure IMG’s continued growth and success.” Mr. Robertson has also been elected to the Board of Directors of IMG.
Following his election to Chairman and Chief Executive Officer, Mike Dolan said, “Over the past two years we have developed a strategic plan for the company that is powerful and has already begun to produce significant sustainable results. We are committed to growing the business to maximize the value for our shareholders.” In addition, the Board of Directors of IMG said that it concurs that the maximum value of the company can best be achieved as a standalone company.
Since joining IMG, Mr. Dolan has been instrumental in the development and execution of the company’s global strategy. Mr. Dolan currently leads the company’s expansion into high growth markets including China, India and Brazil, as well as expansion into new business areas. In 2010, he led an overhaul of the company’s financial structure and organization as well as several key strategic acquisitions enabling the creation of new revenue platforms for the company.
“IMG has lost an outstanding leader and friend in Ted Forstmann,” said Mike Dolan. “I am proud and honored to take on this role and to continue building IMG for future growth and success. IMG is an extraordinary company with scale, scope and assets that are unrivaled within the industry. With IMG’s strong leadership team, strong businesses, and new and exciting revenue opportunities, I am confident that we can continue to grow this company long into the future.”
Prior to joining IMG, Mr. Dolan served as Executive Vice President and CFO of Viacom, where he led the spin-off of Viacom from CBS and the launch of the new independent public company. Mr. Dolan was previously Chairman and CEO of Young & Rubicam, the diversified marketing services company with over 10,000 employees. He began his career at Young & Rubicam in 1995 as Executive Vice President and Chief Financial Officer, and he led the 1996 recapitalization of the company and subsequent IPO in 1998.