Canwest Global Communications Corp (“Canwest” or the “Company”) announced today that Mr Leonard Asper has tendered his resignation as President and Chief Executive Officer and all other director and officer positions with Canwest and its subsidiaries in order to pursue other business opportunities and to avoid any concerns regarding potential conflicts of interest. Mr. Asper will continue to provide the Company with advice through a consulting agreement until such time that Canwest emerges from CCAA protection.
Mr. Asper’s positions will not be filled given the Company’s court-supervised restructuring which commenced in October 2009, and the Company’s newspaper and online publishing group pursuing a separate court-supervised financial restructuring plan, which commenced in January.
Canwest’s television broadcasting businesses will continue under the leadership of President and CEO Mr. Peter Viner and his senior management team. Canwest Limited Partnership, Canwest (Canada) Inc. and their subsidiaries, which operate Canwest’s newspaper publishing and online operations, will also continue under its existing senior management team.
“I would like to thank Leonard for his years of dedicated leadership and unwavering commitment to Canwest,” said Derek Burney, Canwest’s Chairman of the Board. “His vision and determination over the last decade has been instrumental in shaping the Canadian media landscape.”
The remaining Board members Derek Burney, David Drybrough, David Kerr and Margot Micallef are Independent directors actively involved in the Company’s financial restructuring activities.
Forward Looking Statements:
This news release contains certain forward-looking statements about the objectives, strategies, financial conditions, results of operations and businesses of Canwest. Statements that are not historical facts are forward-looking and are subject to important risks, uncertainties and assumptions. These statements are based on the Company’s current expectations about our business and the markets in which the Company operate, and upon various estimates and assumptions. The results or events predicted in these forward-looking statements may differ materially from actual results or events if known or unknown risks, trends or uncertainties affect the Company’s business, or if the Company’s estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that the circumstances described in any forward-looking statement will materialize. Significant and reasonably foreseeable factors that could cause the Company’s results to differ materially from its current expectations are discussed in the section entitled “Risk Factors” contained in our Annual Information Form for the year ended August 31, 2009 dated November 26, 2009 filed by Canwest Global Communications Corp. with the Canadian securities commissions (available on SEDAR at www.sedar.com ), as updated in its most recent Management’s Discussion and Analysis for the three months ended November 30, 2009. The Company disclaims any intention or obligation to update any forward-looking statement even if new information becomes available, as a result of future events or for any other reason.
