Peter Bruce will no longer be managing dual roles as editor in chief of BDFM and publisher of the group, the new chief of the Times Media Group has told staff.
Andrew Bonamour made the announcement in the form of a letter to staff, saying that a “great deal of progress” had been made in “restoring the BDFM business to profitability in the past six months”. But, he says, in order to “speed up the process, and bring the management structure in line with the structure of our other titles it has been decided to separate the positions of editor-in-chief and publisher”.
Bruce will remain editor-in-chief, but the role of publisher of Business Day and the Financial Mail has been passed on to Nathi Maramnco, the man who has helped Bruce in the restructuring of the business.
Bonamour said Bruce had “shouldered a tremendous burden” in making sure the titles under his watch maintained their position as “leading providers of quality business content”, Bonamour said.
He made particular reference to Bruce’s “radical transformation” of what he called a “bloated and inefficient management structure”.
Bruce will now focus on BDFM’s core editorial businesses and position them for “future growth in the print, digital, radio and television formats”.
Maramnco, on the other hand, is tasked with overseeing the integration of BDFM titles into Times Media’s structures and “will take the lead role in ensuring the publications are commercially successful”.
Bonamour told staff the Competition Commission had approved the Times Media Group’s buyout of Pearson’s 50% stake in BDFM.