Philip Murphy, COO and company secretary of MAMA Group plc, has stepped down from the London-based media and marketing firm.

Together with Adam Driscoll, Murphy co-founded in 1999 Channelfly plc, the company from which MAMA was established.

Murphy says the departure had been planned, and notes that the company has made executive hires to bolster to strengthen its business.

"I believe that the effect of the acquisitions which have been completed during this financial year, together with the underlying growth which has been achieved within the existing businesses of the MAMA Group, mean that the company ended its financial year yesterday in the best position it has ever enjoyed," Murphy commented in a statement issued today to the London Stock Exchange.

"I have every confidence that Adam and Dean (James), the co-chief executives, will be driving the company on to even bigger and better things in the future."

Following Murphy's departure, Tom Simmons, MAMA's group finance director, has assumed the post as company secretary.

MAMA, which is quoted on the Alternative Investment Market segment of the stock exchange, has been in an acquisitive mood of late.

The group recently struck a deal to acquire six London venues from the U.K. live music giant Mean Fiddler Music Group for an undisclosed sum.

MAMA had entered a proposal last year to buy British independent music firm Sanctuary Group, but withdrew before year's end.