Steve Burch CEO Virgin Media quits

GuestUK · 21-08-2007, 13:29

Just noticed this as Breaking News over on Digital Spy (Digital Spy: Virgin Media CEO Steve Burch quits)- there's very little detail given, other than "personal and family reasons", but it certainly gave me a surpise. It's been confirmed by Virgin Media's press office and more details should be following soon on the report on Broadcast Now

Quote:

Originally Posted by From the articles

Virgin Media CEO Steve Burch has quite the cable operator with immediate effect citing "family and personal reasons

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Steve Burch, Virgin Media's CEO, has decided to return to the United States and leave the company with immediate effect. He will also step down from Virgin Media's Board.

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A search for Steve's replacement will begin shortly. In the meantime, Neil Berkett, Virgin Media's COO, will assume the role of Acting CEO with responsibility for driving forward the company's strategy and operational development.

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Since joining Virgin Media in January 2006, Steve has led the Company through the merger and subsequent integration of ntl and Telewest, the acquisition of Virgin Mobile and the successful re-branding of the company's residential operations under the Virgin brand.

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Commenting on Steve's decision, Virgin Media's Chairman, Jim Mooney, said: "Steve has contributed significantly to the transformation of Virgin Media. Since he joined us, the company has emerged as the UK's only 'quad play' provider and a genuinely distinctive presence in the world of communications and entertainment. On behalf of Virgin Media's Board of Directors, I thank him for his contribution to our development and wish him every success for the future."

There's not much detail given yet, but thought I'd post in case other people hadn't seen the news yet

Not sure if this was the right place to post this, if not I apologise. I did a search and it doesn't seem to have been posted as of yet either.

Definitely taken me by surprise, I wouldn't have expected it to happen. However, it does seem to be made clearly that it's family and personal reasons, but strange that as a result it was immediately leaving, unless something bad has happened suddenly, it's usually something which happens more gradually if someone is leaving to spend more time with family or at home?

grabbi · 21-08-2007, 14:27

This is VERY unexpected!

A very experienced man, he has led the company through tough times. Wonder who will be his successor.

It has to be a major name for the Company to thrive again,

melevittfl · 21-08-2007, 19:51

Quote:

Originally Posted by GuestUK

However, it does seem to be made clearly that it's family and personal reasons, but strange that as a result it was immediately leaving, unless something bad has happened suddenly, it's usually something which happens more gradually if someone is leaving to spend more time with family or at home?

When a senior executive leaves a company, it's *always* for "personal" reasons. Even if the executive was discovered snorting cocaine, naked, with a hooker and a donkey, the company will say he's leaving "to spend more time with his family", etc.

In addition, the "immediate effect" part implies to me that he has been fired. If an executive is leaving on good terms, he sticks around to help with the search for his replacement and to smooth the transition. He doesn't just suddenly go. Especially in a public company where investors value stabilty.

No, I think the board decided that he should go for some reason.

fizgog · 21-08-2007, 20:01

Maybe Retensions have p*ssed him off and he has gone to Sky

Gareth · 21-08-2007, 20:03

Quote:

Originally Posted by fizgog

Maybe Retensions have p*ssed him off and he has gone to Sky

that made me laugh

GuestUK · 21-08-2007, 20:40

Quote:

In addition, the "immediate effect" part implies to me that he has been fired. If an executive is leaving on good terms, he sticks around to help with the search for his replacement and to smooth the transition. He doesn't just suddenly go. Especially in a public company where investors value stabilty.

Unless it truly was for personal reasons - if something bad happened with or in his family, you might not want to stick around, search for a replacement, smooth things out - you'd probably want to get there (especially as they're in another country) and be there with them as soon as possible. Just my view though, but surely it doesn't necessarily mean fired?

popper · 21-08-2007, 20:54

its my understanding that infact non of the board spend any real time in the UK anyway,mostly just sitting around a US/name your fave hot/ritch place for the time of year table, and sending out orders as and when they please, so thats not very likely.

this is in no way unexpected by me, after all he's made all the personal money he's going to from VM by now, and the firesales nearly upon us, so next up you will see him transfer or outright sell his shares bonus etc sometime soon and then he will pop up somewere else as the jobs for the boys network kicks in if its not already given him a position.

Neil Berkett and Jim Mooney etc wont be far behind i imagine.....

SMHarman · 21-08-2007, 22:25

I would find it hard to believe that the CEO and CFO are predominantly based in the US

http://business.timesonline.co.uk/to...cle2303041.ece

However a marionette may really be the issue.

http://news.independent.co.uk/people...cle2258765.ece
Profile of the man...

http://www.forbes.com/finance/mktgui...uideId=1035926
Comp and other details.

diddy1 · 21-08-2007, 22:41

Quote:

Originally Posted by melevittfl

When a senior executive leaves a company, it's *always* for "personal" reasons. Even if the executive was discovered snorting cocaine, naked, with a hooker and a donkey, the company will say he's leaving "to spend more time with his family", etc.

In addition, the "immediate effect" part implies to me that he has been fired. If an executive is leaving on good terms, he sticks around to help with the search for his replacement and to smooth the transition. He doesn't just suddenly go. Especially in a public company where investors value stabilty.

No, I think the board decided that he should go for some reason.

AGREED

SMHarman · 21-08-2007, 22:47

http://business.timesonline.co.uk/to...cle2303041.ece
Per the Times link I posted above...

Quote:

The company is, in fact, run by Mr Mooney, the chairman, and its long-standing investor Bill Huff. Mr Burch, nominally the chief executive, found that he was No 3 in the pecking order. Senior figures at Virgin say that the ITV bid and the legal wrangling with BSkyB were driven by Mr Huff and the chairman he controls, Mr Mooney. These men – one in New Jersey, the other in New York – put Mr Burch behind the wheel in the UK, but then sought to retain day-to-day control from the US. They have behaved not only like backseat drivers, but, worse, backseat drivers operating by remote control.

It would be tempting, therefore, to believe that Mr Burch’s departure marks a potential turning point in the management of Virgin Media. It is not. The underlying problem of Mr Huff and his man Mr Mooney remain. Virgin Media’s shareholders should seize upon the message that Mr Burch sent them yesterday: the fundamental management problem is not on the executive floor in London, but at the board level in New York.

ECW_Original · 22-08-2007, 00:19

Quote:

Originally Posted by GuestUK

Just noticed this as Breaking News over on Digital Spy (Digital Spy: Virgin Media CEO Steve Burch quits)- there's very little detail given, other than "personal and family reasons", but it certainly gave me a surpise. It's been confirmed by Virgin Media's press office and more details should be following soon on the report on Broadcast Now

There's not much detail given yet, but thought I'd post in case other people hadn't seen the news yet

Not sure if this was the right place to post this, if not I apologise. I did a search and it doesn't seem to have been posted as of yet either.

Definitely taken me by surprise, I wouldn't have expected it to happen. However, it does seem to be made clearly that it's family and personal reasons, but strange that as a result it was immediately leaving, unless something bad has happened suddenly, it's usually something which happens more gradually if someone is leaving to spend more time with family or at home?

cos he knows VM are goin down the pan!!!

**Mick** · 22-08-2007, 01:35

Quote:

Originally Posted by popper

its my understanding that infact non of the board spend any real time in the UK anyway,mostly just sitting around a US/name your fave hot/ritch place for the time of year table, and sending out orders as and when they please, so thats not very likely.

Steve Burch was based in Hook I believe.

darthlinux · 22-08-2007, 08:10

o well maybe the nxt ceo might think to make the company what it should be

WHISTLED · 22-08-2007, 08:24

Well I agree he has obviously been asked to leave - his notice period would be in excess of 3 months contractually.

I think this is a shame and possibly forming part of the conditions of a private equity bid..

I personally had a great deal of respect and faith in Steve as a leader and although I dont think the business was perfect under his leadership I do believe that he had the balls and vision to get us there given time.

iglu · 22-08-2007, 09:32

Quote:

Originally Posted by WHISTLED

Well I agree he has obviously been asked to leave - his notice period would be in excess of 3 months contractually.

I think this is a shame and possibly forming part of the conditions of a private equity bid..

I personally had a great deal of respect and faith in Steve as a leader and although I dont think the business was perfect under his leadership I do believe that he had the balls and vision to get us there given time.

Huff is/was running the show, period. It's a sick, very sick company...