IMG Worldwide Names Michael Dolan Chairman, CEO
UPDATED: Before his death, Ted Forstmann had handpicked the former Viacom CFO as his successor to run the company, which said it will remain a standalone company.
NEW YORK -- Sports and entertainment talent and media company IMG Worldwide said Wednesday that its shareholders and board have unanimously elected Michael Dolan as new chairman and CEO, following the death of Ted Forstmann.
He was Forstmann’s handpicked successor.
The company also said that it will not explore any deals, arguing that "the maximum value of the company can best be achieved as a standalone company."
Dolan joined IMG in early 2010 as executive vp and CFO. In April 2011, Forstmann appointed Dolan to the posts of president and COO to lead day-to-day operations.
“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," said Dolan. "We are committed to growing the business to maximize the value for our shareholders.”
Before coming to IMG, Dolan was executive vp and CFO of Viacom, where he led the separation of Viacom and CBS Corp. and helped get the new Viacom its start. Before that, Dolan ran advertising firm Young & Rubicam as chairman and CEO. He had started his career at the company as executive vp and CFO and worked on its IPO in 1998.
Dolan is also a former chairman and CEO of Snack Ventures Europe, a joint venture of General Mills and Pepsi Foods International and served as a partner in the strategy practice of management consultancy Booz Allen & Hamilton.
He also serves on the boards toy giant Mattel and Bacardi.