Forstmann Little & Co. and IMG have appointed new toppers in the wake of Ted Forstmann’s death last week.
Michael Dolan has been promoted to chairman and CEO of IMG, the talent agency and sports production giant. The Forstmann Little investment firm, the parent company of IMG, named veteran investor Julian Robinson as its chairman. Both appointments were announced Wednesday.
Forstmann’s death has spurred chatter of IMG possibly being a takeover target by Hollywood tenpercenteries. But in announcing Dolan’s appointment, the IMG board cited Dolan’s working developing a strategic plan for the agency and that it “concurs that the maximum value of the company can best be achieved as a standalone company.”
Dolan was Forstmann’s hand-picked choice to run IMG. Dolan joined IMG in 2010 as exec veep and chief financial officer and was handed day-to-day management responsibilities in April, when he was upped to prexy and chief operating officer. He’s credited with spearheading the company’s move into fast-growing foreign markets including China, India and Brazil, as well as expanding into other new business ventures.
“IMG is an extraordinary company with scale, scope and assets that are unrivaled within the industry,” Dolan said. “With IMG’s strong leadership team, strong businesses, and new and exciting revenue opportunities, I am confident that we can continue to grow this company long into the future.”
Dolan served a stint as exec veep and CFO of Viacom in 2005-2006. Before that he was chairman and CEO of Young & Rubicam.
Robinson will join IMG’s board in his new role as Forstmann Little chairman. Robinson is well-known in the investment community as the former head of Tiger Management Corp. In addition to IMG, Forstmann Little’s portfolio includes the 24 Hour Fitness chain and ENK Intl., a trade show org for the fashion industry.
“Ted was a wonderful man and a close friend for decades. His death is a great loss for all of us,” Robinson said. “I am honored to provide advice and counsel to the great firm he built.”