Nordic media major Egmont has appointed Steffen Kragh (pictured) from within its own ranks to take over from president and CEO Jan O. Froshaug who quit earlier this year after 14 years in the position.
The 37 year-old Kragh has an eight-year track record with the company, working primarily on its publishing interests. Previous chief, Froshaug resigned from Egmont before the company posted the worst annual results for five years.
Egmont Foundation chairman, Ivar Samren has denied any connection between the worsening results and the change at the top of the $1bn (DKR9bn) Egmont organization.
Denmark's 123 year-old media giant, which spans such diverse markets as magazines, comics, books and preschool products to film (including Nordisk Film), TV, animation, video, cinemas, games and online services, has always boasted a strong turnover, but recent years have seen a downturn in its fortunes.
Kragh is now expected to trim the organization, which has 4.400 employees in 24 countries. The appointment, which came as a surprise to observers, has been met mixed feelings in the industry. In recent years Egmont has seen losses in all its online activities as well as both TV and film, while remaining robust within the printed media sector.