Johnston Press CFO resigns

The CFO of regional media group Johnston Press has resigned.

Stuart Paterson has quit to take on another business opportunity, and will leave the company after it announces its full year results in March 2011.

The process has begun to find his successor.

Paterson joined the board in 2001 and made “a strong contribution” to the group’s development, said a statement to the stock exchange.

“He has been of great support since I joined the company last year and I am pleased that he will be able to stay with us until March of next year. The board wishes him every success in the future,” said CEO John Fry.

During Paterson’s time at the company it acquired Yorkshire Post owners Regional Independent Media and Score Press. However the advertising downturn saw the business struggle with avoiding a breach of its banking covenants and issue a going concern warning last year.

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