Racecourse Media Group CEO steps down6th August 2020 8:54 am GMT
Racecourse Media Group has confirmed that long-serving CEO Richard FitzGerald will be stepping down as CEO after nearly twelve years in the role.
RMG, the umbrella organisation for 34 British racecourses, said that it was the right moment for FitzGerald to announce his decision to step down after the recent renewal of RMG’s broadcast contract with ITV until 2023, the successful launch of its new Watch & Bet Service in June, and RMG returning to full operations following the COVID-19 outbreak.
During his tenure, RMG generated over £800m of licence fees payable to its racecourse shareholders.
He will be stepping down gradually over the course of the next six weeks, with RMG finance director Martin Stevenson taking over as acting CEO.
“On behalf of the Board of RMG, I thank Richard for his exceptional leadership of the RMG team for almost 12 years,” said RMG chairman Roger Lewis. “The achievements of RMG, which have driven its financial performance with Richard as CEO are significant, and include a ground-breaking data licensing and production service, an innovative LBO deal with SIS, the securing of the rights to Irish racing, the rebrand and launch of Racing TV, enhancing its HD service, and the expansion of RMG opportunities across the world.
“Richard leaves RMG with our sincerest thanks and best wishes for having delivered an outstanding performance over a considerable period of time.”
FitzGerald commented: “It has been a fabulous and rewarding 12 years working for RMG. The business has flourished and delivered on the vision of the founding shareholders around a collective approach to commercialising their media and data rights.
“There is never a good time to step down but with resumption of racing, the new Watch & Bet deals, the terrestrial TV renewal and launch in Italy of fixed odds, and a new cycle of renewals starting shortly, it seems the right time to step down. It has been a great journey and I have enjoyed working with a strong, capable, committed and stable team to deliver the results we have been able to achieve consistently over the last decade.”