The 24-hours a day business channel CNBC Africa which went on air in June 2007 is to lose its CEO Trevor Ormerod on 17 December. According to Business Day (5 Dec 2007), Omerod has resigned to take up a position with Primedia where he was formerly employed.
Ormerod left Primedia less than a year ago to join CNBC Africa on a three-year contract. He was responsible for setting up the broadcasting and staff infrastructure in South Africa and various other African countries in time for CNBC Africa’s launch which was supported with start-up funding of R120m – R150m.
According to Business Day the business channel has a staff of 120 in its operations in Johannesburg and Cape Town, and a weekly audience of about 200,000.
Omerod will take up a position with Primedia as executive chairman of its cinema and print unit. Head of programming at CNBC Africa, Gary Alfonso is to take over as acting CEO.
The Industrial Development Corporation (IDC) has a 30% investment in CNBC Africa and the balance of the investment is held by Dubai-based investors.