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Posts Tagged ‘John French’

Newly Reorganized Cygnus Announces New Board

cygnus logo.jpgOne day after announcing its emergence from Chapter 11 bankruptcy protection and the appointment of a new CEO, John French, business-to-business publisher Cygnus Business Media has announced a new board of directors.

The new members of the board include French; former BusinessWeek president and publisher William P. Kupper, Jr.; former Warburg Pincus managing director Al Aguirre; John Balzer, a director at Goldman Sachs; b-to-b veteran George L. Hundley, Jr.; and Charles G. McCurdy, the current CEO of Apprise Media and b-to-b company Canon Communications.

In announcing its new board, Cygnus emphasized each member’s work on digital integration and the development of new initiatives beyond print media, perhaps hinting at Cygnus’ goals post-reorganization.

“Today’s media landscape offers exceptional opportunities for growth and transformation as it has in each prior decade,” French said. “Each of our board members has participated in the industry from launching start-ups to establishing world leading mediums. Experience, knowledge and hands-on expertise will provide us with a competitive edge and a unique vision of the future. This new board is reflective of our commitment to our business and to the B2B industry as a whole.”

After the jump, full bios of the Cygnus’ new board members.

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B-to-B Publisher Cygnus Media Emerges From Ch. 11, Names New CEO

Just 49 days after filing for bankruptcy protection, business-to-business publisher Cygnus Business Media today announced its emergence from Chapter 11.

When it filed for Chapter 11 in August in order to restructure its debt, Cygnus said it had reached an agreement with 23 out of 24 secured lenders on a financial restructuring deal. The company filed a prepackaged bankruptcy plan with the court that was swiftly confirmed.

According to Cygnus, the now-approved plan will become effective and convert a portion of the company’s secured debt to equity.

Also today, Cygnus announced the appointment of a new CEO, John French, formerly the CEO of Penton Media. See the release about his hiring, after the jump.

Back in July, even before its Chapter 11 filing, Cygnus was trying to cut costs. It laid off 50 staff members and restructured its sales team in its strongest media sectors, suspending a handful of titles, including jewelry trades Modern Jeweler and Lustre.

Earlier: Cygnus Media Restructures Debt Through Chapter 11

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Print Media’s Revolving Door Appears to Only be Swinging One Way

revolving-door-283-thumb.jpgJournalism’s long dark week of exits continues today with the announcement that John French, head of Bruce Wasserstein‘s magazine empire Penton Media is stepping down. French informed a reportedly surprised staff of the decision saying that it was the result of numerous discussions with the board of directors “regarding the organization’s evolution and the leadership needs going forward.” And so, another one bites the dust, as they say.

One media investment type told the Post’s Keith Kelly that “The job of a CEO of a traditional media company these days has the life expectancy of a second lieutenant in Vietnam.”

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