Private Media Group has terminated the contract of its CEO, Ilan Bunimovitz (pictured). A statement posted on the company’s corporate website on July 19th read: “Berth Milton has assumed the role of acting CEO of Private Media Group, Inc. Mr Milton, currently Chairman and President, succeeds Ilan Bunimovitz, who was appointed as CEO in April 2009. Mr Milton previously served as CEO of the Company from its origins as a publisher of a single magazine in 1991 until 2001, and from 2003 until Mr Bunimovitz’s appointment in 2009.
“Mr Bunimovitz was employed as CEO pursuant to a written employment agreement, which agreement was terminated by the Company under provisions allowing it to terminate the agreement for “cause” (as defined in such agreement). Mr Bunimovitz is expected to continue as a director of the Company for the remainder of his term, which expires at the Company’s 2010 Annual Meeting of Shareholders.”
Bunimovitz had previously been Executive Vice President of Private’s Online Media Division, a role he took on in January 2009 when Private acquired GameLink LLC, a US adult retail portal and eCommerce provider founded by Bunimovitz in 1993.