Alex Connock (pictured) is stepping down as CEO of Ten Alps after 12 years “to pursue other interests,” the Bob Geldof-backed UK indie announced today.
In a notice to the stock market, the indie’s board said the decision was reached by mutual agreement. Ten Alps chairman Peter Bertram said: “The board is very grateful to Alex for his enormous contribution to the company and we wish him well on his future.”
Connock, who co-founded Ten Alps with musician Geldoff in 1999, has most recently served as CEO of the company’s TV and education business. In tandem with his departure, the company has named Fiona Stourton as creative director of Ten Alps TV.
Stourton will be responsible for all creative and editorial strategies across the group’s TV assets, including its production companies Blakeway, Blakeway North, Brook Lapping, Below the Radar, Films of Record and Ten Alps Asia. She joined the group in 2006 and was most recently MD of Blakeway.
Connock said: “There is huge talent across Ten Alps, and I wish everyone success. At the same time I am really excited about new projects in TV and online – particularly in Manchester.”
The co-founder’s departure comes as Ten Alps today posted preliminary year-end results which showed heavy losses, blamed on a “combination of difficult trading, development and restructuring.”
For the 12 months to March 31, 2011, the company posted a pre-tax loss of £22.6m (US$36 million), having posted a £3.2 million profit for 2010. The net loss was £21.8 million, compared with a £2.4 million profit the year prior, with revenue dropping nearly £15 million, from £66.1 million to £51.9 million.
Ten Alps’ figures were hit by the UK government’s decision to cancel the company’s contract for Teachers TV, a specialty B2B channel operated by Ten Alps. The indie has now restarted the operation as SchoolsWorld TV, with “global commercial ambitions in online education.”
Bertram explained: “Since I took on the role as chairman in January 2011 the group has been segmented into two clearly benchmarked assets, in B2B media and TV & Education; it has been refinanced through equity and debt reorganization; re-launched Teachers TV as a global online commercial opportunity; and re-focused clearly on organic growth.
“We now have a stable platform from which to develop shareholder value in specific areas of the media where we can deliver high-value output.”