Chrysalis Group plc has elevated Michael Connole to fill the vacant finance director role, with effect from Jan. 1, 2006. Connole joined the London-based music and media firm in 1997 as group financial controller.
In his new post, Connole succeeds long-time group finance director Nigel Butterfield, who is due to retire at the end of the year.
Commenting on the promotion, group CEO Richard Huntingford commented that Connole has “considerable experience of Chrysalis and is therefore well placed to develop the company’s finance function to meet the needs of Chrysalis as a focused radio and music group.”
Citing pressures on advertising revenue and weaker-than-expected sales at its recorded music division, the company recently reported a 72% shortfall in full-year operating profit to £2.7 million ($4.7 million), down from £9.5 million ($16.5 million) in the corresponding period last year.
Chrysalis Radio’s assets include the AC Heart and dance Galaxy stations. Its music division comprises music publishing and U.K. wholesale distribution, plus the Echo record label.