There were some breathless emails doing the rounds this morning after news circulated that Mike Robertson, long-time head of TMG’s media operations, is packing up his office. The Media Division generates around half TMG’s profit and for 12 years Robertson has enjoyed tight control over this part of the group.
To counteract the scuttlebutt, in a lengthy conversation this morning TMG chief executive Andrew Bonamour stated repeatedly “there’s nothing untoward.” He added: “This is making a mountain out of a molehill which only the media can create.”
Robertson was the central operational executive in the group which owns the Sunday Times, Sowetan, Business Day, the Financial Mail and various other titles. He says it was his intention to depart once he reached the minimum retirement age of 55. He achieved that milestone on 3 February this year and now intends “taking a long holiday.”
Investment banker Bonamour, CEO of the media group for the past two and a half years, announced in December that his AltX-listed Blackstar and BEE group Tiso would bid for 100% control of TMG. That deal, he says, is “two to three weeks” from completion.
The deal triggers an offer to all TMG share option holders. Robertson, given his seniority and length of service, stands to bank a big cheque.
Confusion around what Bonamour describes as the “real story” of Robertson’s departure emanated from TMG’s annual strategy session last month.
One version is new shareholders were concerned that in his presentation, the most important operational executive in the group was promoting a “Print First” strategy. That worried them so they wanted him out. Another was that Bonamour wanted to fire Sunday Times editor Phylicia Oppelt but Robertson disagreed, offered his resignation and it was accepted.
Bonamour says that’s poppycock. The Tiso team “left us enthused about what they were exposed to.” And on Oppelt he says “There is no such thing. Let’s talk in six months’ time, she’ll still be there. In fact, even if I wanted to fire Phylicia I couldn’t – editorial boards are in place which prevent that from happening.”
Speaking from Ghana where he is assessing one of the group’s recent investments, Bonamour told me Robertson “spoke to me three months ago about leaving – he’s been saying for a long time he wants to retire. Mike has been with the group 29 years and so it’s time. He leaves at the end of May.”
TMG Media Division Deputy CEO Andrew Gill will move into the hot seat. Robertson says: “Andy has been running broadcasting for the past year and has been part of my management team for the past 12 years. He knows the business really well. The next generation of management is in place and editorially we’ve got a strong team.”
