Doğan Group of Companies Holding Inc. shall be implementing a re-structuring process both in its management levels and company organization in 2010 in order to prepare the Holding Company and its Subsidiaries for the future, according to a statement by the Doğan Group of Companies Holding Inc. Board of Directors. The statement is as follows:
“Doğan Group of Companies Holding Inc. Board of Directors has reached a resolution to implement a re-structuring process to attain growth in a stable environment, protect and improve its current economical power as well as position, and to establish strong foreign partnerships in its investment ventures extending beyond the national borders.
The new structure, aiming to reinforce the corporate layout, providing a more effective management system for the holding companies and its subsidiaries, increasing consolidated profitability as well as enhancing performance, shall feature the following principal factors:
1. Doğan Holding and Doğan Yayın Holding shall be overseen by a common professional management team through streamlining the management structures of both holding companies, with the exception of mandatory posts set forth by relevant legislation.
2. Our subsidiaries shall be grouped based on their respective fields of activity, and re-structured in the form of business units reporting to the Holding Company.
3. Doğan family members shall continue serving, holding chairpersons positions within their respective companies, once they transfer their executive duties to professional CEO’s within six months. Moreover, the family members shall each hold a chair within the Holding Board of Directors, and shall be collectively responsible for the strategic development, future designs and consolidated performance of the entire group, in addition to their non-executive duties explained above, in this new structure.
4. Aydın Doğan shall be appointed as the Honorary Chairman of Doğan Holding Group of Companies and Doğan Yayın Holding, while Arzuhan Doğan Yalçındağ shall be assuming the Chairperson of the Board of Directors post, as part of the new company structure.
This re-structuring process is slated to be finalized within the first half of 2010, following Holding and Subsidiaries’ general assembly meetings.”