DISCOVERY creates network finance teams and names CFOs
Move ensures consistent financial governance across brands --
SILVER SPRING, Md. – Discovery Communications, the number-one nonfiction media company, today announced several Network Chief Financial Officer appointments in its U.S. Networks brands business. The focus of these newly created positions will be to provide consistent financial governance across key brands including Discovery Channel, TLC, Animal Planet and Planet Green.
“The move is aimed at increasing shareholder value by providing more robust financial planning and management for Discovery’s U.S. networks,” said Roger Millay, Chief Financial Officer.
“This new organizational structure supports our efforts to drive financial discipline and good governance and provides clear reporting lines for senior management,” Millay said. “We will continue to work to improve alignment within the organization and strategically support Discovery’s financial goals. Shareholder value creation and margin expansion are at the forefront of our company’s growth strategy and we are positioning Finance to fully support, and help drive forward, these key objectives"
Other aspects of the realignment support advertising and affiliate sales, Discovery Studios and corporate marketing and research. The reorganization furthers the overall strategy of Discovery Communications under President and CEO David Zaslav to build strong brands, using a lean and effective organization.
Under the new structure, four network CFOs will work closely with each network’s president and COO, and will lead finance teams embedded within the groups they serve. To ensure consistent financial governance, the network CFOs will report to Neal Kirsch, Executive Vice President and CFO, U.S. Networks.
Millay announced the following appointments:
-- Kristen Welch as Network CFO responsible for Discovery Channel and The Science Channel. Welch, an 18-year Discovery veteran, was most recently vice president of financial planning and analysis for U.S. Networks Finance. In her new role, Welch will provide strategic financial guidance and management of Discovery’s flagship network and help lead efforts to improve global content collaboration.
-- Ben Teicher as Network CFO for Animal Planet, Discovery Kids Media and Planet Green. Teicher was most recently senior vice president and chief financial officer for Discovery’s Education Division. He previously worked as an executive at the Walt Disney Co. and Nestlé USA, Inc.
-- Doug Baker as Network CFO for Discovery Health Media Enterprises and for Digital Media, Emerging Networks and Business Development. Baker was most recently senior vice president and CFO of Discovery Commerce. He previously helped lead growth at The Picture People and Hallmark Cards, Inc.
Discovery also anticipates appointing a network CFO for TLC as that organization formalizes its plans and structure under new President and General Manager Angela Shapiro-Mathes.
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