Switzer stepping down from Chum Ltd.

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TORONTO -- Jay Switzer, president and CEO of Chum Ltd., will step down next month when the Toronto-based radio and TV broadcaster is absorbed by rival CTVglobemedia as part of a CAN$1.4 billion ($1.3 billion) takeover.

On Friday, Switzer confirmed his departure but insisted that he will make no public comment until after his planned exit in two weeks.

In an internal memo released to Chum employees Thursday, Switzer expressed sadness on leaving the broadcaster he joined in 1982 but added that he was happy and optimistic that Chum was beginning a new chapter.

In early June, Canada's TV regulator gave its blessing to CTVglobemedia's takeover of Chum, which has radio stations as well as over-the-air and cable TV channels in 15 Canadian markets.
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