By: E&P Staff
Pelle Tornberg — who has been with Metro International since its founding in 1995 and led it during its huge growth in recent years as the world’s biggest publisher of free commuter dailies — said Tuesday he will step down as president and CEO this year.
Tornberg said he expected to leave by the end of summer, when a new president and CEO has been recruited.
“Under Pelle’s leadership Metro has invented and dominated the free newspaper industry,” Metro said in its announcement with considerable justification.
Metro, which began with a single free paper in Stockholm, Sweden, now publishes in 100 cities in 20 countries in Europe, Asia, and North and South America. It claims a reach of 22.8 million readers daily.
“It has been a truly amazing journey both for the company and for me personally,” Tornberg said in a statement. “With Metro International now being profitable, Metro awarded ‘the world’s largest global newspaper’ accolade, and with global leadership in one of the most exiting and fastest growing segments of the media industry, and after almost 20 years of entrepreneurship within the same group, this is a good opportunity for me to hand over the daily leadership of Metro International.”
Metro parents Investment AB Kinnevik and Emesco AB said they would propose to the Nomination Committees of Tele2 AB and Modern Times Group MTG AB the election of Tornberg as a non-executive director.