LOVEFiLM Appoints Charles Gurassa as Non-Executive Chairman
LOVEFiLM Appoints Charles Gurassa as Non-Executive Chairman
LONDON, May 10/PRNewswire/ -- LOVEFiLM International Ltd, Europe's leading web-based home
entertainment subscription service, today announces that Charles Gurassa will
join the board as non-executive Chairman.
Mr Gurassa is currently the non-executive Chairman of Virgin
Mobile PLC, which he chaired through its floatation in 2003 and has guided
the company during its takeover offer by ntl Inc.
He is also currently chairman of Worldwide Excellerated
Leasing ltd, the global car-hire business that owns the National, Alamo and
Guy Salmon brands. The business which has sales of more than US$2.8bn is
majority-controlled by Cereberus Capital Group.
Mr Gurassa is also non-executive director of Whitbread PLC and
non-executive chairman of human resources consultancy 7Days. He is a Trustee
of the National Trust and Chairman of National Trust Enterprises.
Previously, Mr Gurassa was chief executive of Thomson Travel
Group plc and negotiated the sale of the company to the TUI group, where he
took up a position on the TUI AG board, a DAX 30 company. He was also
Executive Chairman of TUI Northern Europe and the TUI Airline Group.
Between 1989 and 1999 he held various senior management roles
at British Airways, and was the senior director responsible for the worldwide
commercial businesses. He started his career at Thomas Cook as a graduate
trainee in 1978.
LOVEFiLM recently merged with Video Island and now has more
than 400,000 subscribers. It has a strong position in the UK market with
around 17% of all DVD rental transactions, as well as leading market share in
Sweden, Denmark and Norway.
The group is also pioneering digital downloading services and
recently launched, in partnership with NBC Universal, a new member's service
for the release of King Kong. This together with the development of new
mobile content services will extend LOVEFiLM's leadership across a number of
different delivery platforms.
Simon Calver, chief executive of LOVEFiLM said: "The board is
delighted to have appointed a Chairman with such strong City credibility and
the standing of Charles, to position the group for future growth.
"We believe his chairmanship of Virgin Mobile and his
knowledge of international markets will help us accelerate the expansion of
LOVEFiLM to become a leading pan-European brand and entertainment group."
"His experience of the mobile market will also help us
capitalise on the exciting opportunities we have ahead of us and enable
management to take this business to the next stage of its development."
Mr Gurassa said: "I am delighted to be joining this fast
growing, innovative and international business. LOVEFiLM has rapidly
established itself as the market leader in its field, offering terrific
choice and value for its customers."
"It is pioneering the development of the next generation of
content delivery platforms and is at the forefront of this rapidly changing
sector. The company has a highly impressive and dynamic management team and
has excellent potential to further expand. I very much look forward to
contributing to its future success."
Notes to Editors
LOVEFiLM International Ltd is Europe's leading web-based home
entertainment subscription service.
The group offers customers the largest DVD library in Europe,
with more than 70,000 unique titles and 1.2 million DVDs and Video games, as
well as a fast-growing Video-on-Demand (VoD) service. The company ships more
than two million rental DVDs every month.
The group currently works with major partners including AOL,
CD Wow, Channel 4, Dixons Store Group, easyGroup, Guardian Newspapers, ITV,
MSN, News International, Odeon, Sainsbury, Tesco and Vue Cinemas, some of
whom offer a fully white-labelled service.
LOVEFiLM recently announced the launch of a download-to-own
service, in partnership with NBC Universal, for the release of King Kong on
April 10th 2006. Arts Alliance Media provide video on demand and electronic
sell through services to LOVEFiLM under a long term commercial arrangement
In the year to December 2005, sales of the group were more
than GBP25m. Investors include Arts Alliance Media, Benchmark Capital, Index
Ventures, Cazenove Private Equity, and European Venture Partners.
Source: LOVEFiLM International Ltd
Simon Calver, Video Island, +44-208-951-9850. Nick Fox M: Communications, +44-207-153-1530, +44-207-153-1540/+44-7711-727-618
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