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TheStreet Open House

CTC Media Announces Proposed Changes To The Company's Board Of Directors

Stocks in this article: CTCM

MOSCOW, April 8, 2013 (GLOBE NEWSWIRE) -- CTC Media, Inc. ("CTC Media" or the "Company") (Nasdaq:CTCM), Russia's leading independent media company, today announced that Lorenzo Grabau has been appointed as a member and Co-Chairman of CTC Media's Board of Directors, effective upon the closing of the 2013 Annual Meeting of Stockholders to be held on April 30, 2013. Mr. Grabau has been appointed to fill a vacancy being created by the departure from the Board of Hans-Holger Albrecht, whose resignation will be effective as of the close of the Annual Meeting. Mr. Albrecht, formerly CEO of Modern Times Group MTG AB, an affiliate of MTG Russia AB, CTC Media's largest stockholder, will focus on his current role as President and CEO of Millicom International Cellular S.A. Mr. Grabau has been designated for appointment by MTG Russia AB pursuant to a stockholders' agreement among the Company, MTG Russia AB and Telcrest Investments Limited.

CTC Media has also announced that the Board is nominating Dmitry Lebedev and Werner Klatter for re-election to the Board at the Annual Meeting. Mr. Lebedev has been designated as a director by Telcrest pursuant to the stockholders' agreement. In addition, CTC Media has announced that Mathias Hermansson will not stand for re-election to the Board, and that, pursuant to the stockholders' agreement, MTG Russia AB has designated Jørgen Madsen Lindemann for election as a director. The Board has recommended that the stockholders elect Messrs Klatten, Lebedev and Lindemann at the Annual Meeting.

Angelo Codignoni, Co-Chairman of CTC Media, commented: "We look forward to welcoming Mr. Grabau and Mr. Lindemann to the Board of Directors. Their backgrounds and extensive experience will further strengthen the Company's Board, and their expertise will benefit CTC Media going forward. I would like to take this opportunity to thank Mr. Albrecht for his significant contribution to the Company's development during his ten-year tenure on the Board of Directors. It has been a pleasure to work with him and we wish him the very best going forward. We would also like to thank Mr. Hermansson for his dedicated service during the last four years."

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