Reach4entertainment's David Stoller to retire as executive chairman

AIM-listed media and entertainment marketing company Reach4entertainment Enterprises has announced the retirement of David Stoller as executive chairman with effect from 30 September.

From now until his retirement date, Stoller will be working to appoint a group chief executive and discussions with a potential candidate to fulfil the role have begun. Once he has stepped down, Stoller will continue to assist the company and will become non-executive chairman of Spotco Inc, Reach4entertainment's New York based agency.

The group said that in accordance with good corporate governance practice, it has been the board's intention for some time to separate the roles of chairman and CEO and following Stoller's retirement it will also look to appoint a new non-executive chairman.

Senior independent director Marcus Yeoman said: "David was the driving force behind the restructuring of the company's balance sheet over several years, the recruitment of the key leadership team at each of the company's main agencies, including Germany, and the vision and direction of the company. He leaves the company in a much better condition than when he took over and I am delighted that he will continue to be involved in the company as non-executive chairman of Spotco."

At 1055 BST, the shares were up 8.5% to 1.28p.