TORONTO – John Cassaday, the only president and CEO Corus Entertainment has ever had, announced Monday his intention to retire from the company when his contract expires at the end of March 2015 after 25 years in broadcasting and 15 years helming Corus.
Doug Murphy, chief operating officer, will assume the role of president and CEO following Cassaday’s departure.
"Under John Cassaday’s strategic leadership, Corus has grown and created a diversified portfolio of powerful brands, encompassing television, radio and content assets which have delivered significant long-term value to shareholders and customers over the past 15 years,” said Heather Shaw, executive chair. The Shaw family owns control of Corus.
“Under John’s stewardship, Corus’ market cap has quadrupled, free cash flow has grown in excess of $175 million and our asset base has increased from $860 million at its inception to $2.8 billion,” she said, in the release announcing his departure.
Cassaday was reported to be in talks to become the next CEO of Maple Leafs Sports and Entertainment according to a TSN report in the fall. It's not known if he is headed there, or anywhere, at this time. "John will be actively involved as CEO of Corus until the end of March and he’s currently reviewing future options beyond that timeframe," a company spokesperson said in an e-mail to Cartt.ca in response to a question on Cassaday's future.
During his tenure, Cassaday, 61, received the Gold Medal from the Association of Canadian Advertisers and was honoured by the Canadian Association of Broadcasters for his exceptional commitment to broadcasting with the Gold Ribbon Award for Broadcast Excellence, notes the release. In 2006, he was inducted into the Marketing Hall of Legends and in May 2015, he will be similarly honoured by the Canadian Broadcast Industry Hall of Fame.
“His creation of and commitment to Corus’ core values has resulted in numerous company awards for excellence in investor relations, employee relations and content,” adds the release. “He has been instrumental in raising awareness and funds for charitable causes and educational institutions, establishing Corus’ corporate giving strategy Corus Feeds Kids, serving as Chair of the United Way campaign for Metro Toronto and co-chairing fundraising campaigns for St. Michael’s Hospital and Rotman School of Management. John is also a member of the Order of Canada.”
Murphy has been with the company for 12 years and has held numerous senior management positions after coming on board as executive vice president, business development for Nelvana. He was later promoted to EVP and general manager for Corus Kids, expanding his oversight to include Corus' kids television networks in 2008 and subsequently, to president, Corus Television responsible for all Corus Television assets in 2010.
In 2013, Murphy was appointed COO adding the radio division to his role. Before joining Corus, he spent 10 years with The Walt Disney Company in a variety of executive positions in Canada, the United States and Japan.
"Succession planning is an integral part of our operations and has resulted in Doug’s advancement in the company, most recently with his appointment as COO in 2013. After 15 years as President and CEO of Corus and with my current contract coming to an end, this is the right time for me to move on to other opportunities knowing that Doug is ready to take on the position,” said Cassaday in the release. “Doug is an excellent executive, well-versed in the company’s operations and culture. His proven leadership skills coupled with the strength of our senior executive team, leaves me confident that Corus is well positioned for continued success and future growth.”
“The Board fully supports this well-planned transition,” added Shaw. “John and Doug have worked closely together for over 10 years and we’re confident that Doug will continue Corus Entertainment’s legacy of growth and success. In his new role, Doug, the Board, and our strong executive team will continue to build Corus’ market position and will remain focused on delivering great value to our shareholders.”
