Thursday, September 6, 2012

Sanoma Independent Media CEO Quits

The chief executive of Sanoma Independent Media, Elena Myasnikova, resigned Thursday in what appeared to be an ongoing tussle between foreign owners and local management at Russia's biggest publishing house

Sanoma does not reveal separate financial results for Russia, but executives said the Russian operation was profitable and expressed bafflement over the motivations behind head office interference. About 50 publications are controlled by Sanoma Independent Media including Vedomosti, as well as the local editions of Cosmopolitan, National Geographic and Esquire.