Changes in management at 20minuten Holding AG, Published 15/01/2002 18:03:42

The Board of Directors of 20minuten Holding AG and Ekkehard Kuppel have decided that Kuppel will leave his position as C.E.O. of 20minuten.

Executive Vice President Sverre Munck from Schibsted ASA will replace him and maintains at the same time his position as Executive Vice President of Schibsted.

20minuten has operations in Zurich, Bern and Basle in Switzerland, as well as in Madrid and Barcelona in Spain. Going forward 20minuten will focus on moving the existing operations to break-even and profitability as quickly as possible, as well as selectively pursuing start-up opportunities that may arise elsewhere in Europe.

In a comment to the change in management, Birger Magnus, Chairman of the Board of 20minuten, says: During the last 18 months Ekkehard Kuppel has positioned 20minuten on the European quality free newspaper map in a forceful way. Focus will now primarily be on our existing operations, as well as certain projects that are in an advanced state of negotiation. Kuppel will assist 20minuten in the conclusion of these negotiations. Through the appointment of Mr Munck to the CEO position, Schibsted is reiterating its commitment to the 20minuten project.”