CME Goes For Dual Control a Month After Adrian Sarbu's Resignation

Michael Del Nin of Time Warner and Christoph Mainusch, a Turner Broadcasting adviser, are new joint chief executives at Central European TV Net.

MOSCOW -- Central European Media Enterprises announced Sunday that it is appointing two experienced industry executives as joint CEOs of the television network.

CME, which operates a network of stations across six countries in central Europe, including the Czech Republic, Bulgaria and Romania serving a potential audience of about 50 million people, is co-owned by Time Warner, which has a 49.9 percent stake.

STORY: CME Reports $35 Million Operating Losses in First Quarter 

That business partnership is reflected in the dual executive control that becomes effective Monday with the appointment of Michael Del Nin, senior VP international and corporate strategy at TW Inc. for the past five years, and Christoph Mainusch, an experienced international TV senior executive who most recently worked as a consultant for Turner Broadcasting International advising the corporate president on a range of projects.

The two men jointly will hold the CEO title with Del Nin concentrating on corporate matters and Mainusch on operations.

Ronald Lauder, CME's founder and chairman, said the company is delighted to bring the two executives together to lead CME.

Del Nin has served on CME's board for the past four years, Lauder said, adding that he is an "insightful executive with a well-developed understanding of the media business."

Mainusch brings "a wealth of operating experience and has a proven track record of successfully managing broadcasters, including in our markets. We believe their skills and experience are the right fit for CME."

Mainusch has experience in senior positions at companies that include Alpha Media Group in Greece, RTL Televizija in Croatia and ACS Media GmbH.

Lauder added that the two will get "the right value for CME shareholders."

Their appointment follows the resignation last month of president and CEO of Adrian Sarbu, the Romanian born executive who had been with CME for nearly 20 years. Sarbu had remained in charge in recent years when the company reported a series of poor financial results.