IMG Worldwide Elects Michael Dolan Chairman and CEO

Adam Zhu Named Chairman And President of IMG China, and Vice Chairman of IMG Asia Pacific

HONG KONG, Jan. 5, 2012 /PRNewswire-Asia/ -- IMG Worldwide, a leading global sports, fashion and media company, announced that the shareholders of IMG have unanimously elected Michael Dolan Chairman of IMG, and the IMG Board of Directors has unanimously elected him Chief Executive Officer, following the passing of IMG's former Chairman and Chief Executive Ted Forstmann.

Mr. Adam Zhu, Chairman and President of IMG China, and Vice Chairman of IMG Asia Pacific

In addition, Adam Zhu, a prominent international investment banker and corporate strategist, has been named Chairman and President of IMG China, and Vice Chairman of IMG Asia Pacific with the primary responsibility being the continued development and growth of IMG's joint venture with China Central Television (CCTV), the national television network in China.

Mr. Dolan joined IMG in early 2010 as Executive Vice President and Chief Financial Officer.  In April 2011, Mr. Forstmann appointed Mike Dolan to President and Chief Operating Officer to lead day-to-day management of the company, and serve as Mr. Forstmann's hand-picked successor to run the company following his death.

"Mike's broad global experience and record of success makes him a clear choice to lead IMG forward," said Julian Robertson, founder of the investment firm Tiger Management, who was appointed this morning Chairman of Forstmann Little &Co.  "Mike has the vision, experience, passion and leadership skills to ensure IMG's continued growth and success." Mr. Robertson has also been elected to the Board of Directors of IMG.

Following his election to Chairman and Chief Executive Officer, Mike Dolan said, "Over the past two years we have developed a strategic plan for the company that is powerful and has already begun to produce significant sustainable results.  We are committed to growing the business to maximize the value for our shareholders."  In addition, the Board of Directors of IMG said that it concurs that the maximum value of the company can best be achieved as a standalone company.

Since joining IMG, Mr. Dolan has been instrumental in the development and execution of the company's global strategy.  Mr. Dolan currently leads the company's expansion into high growth markets including China, India and Brazil, as well as expansion into new business areas.  In 2010, he led an overhaul of the company's financial structure and organization as well as several key strategic acquisitions enabling the creation of new revenue platforms for the company.

Prior to joining IMG, Mr. Dolan served as Executive Vice President and CFO of Viacom, where he led the spin-off of Viacom from CBS and the launch of the new independent public company.  Mr. Dolan was previously Chairman and CEO of Young & Rubicam, the diversified marketing services company with over 10,000 employees.  He began his career at Young & Rubicam in 1995 as Executive Vice President and Chief Financial Officer, and he led the 1996 recapitalization of the company and subsequent IPO in 1998.

His prior experience also includes serving as Chairman and CEO of Snack Ventures Europe, a JV between General Mills and Pepsi Foods International. Mr. Dolan was also a partner in the strategy practice of Booz Allen & Hamilton, a management consultancy.

Mr. Dolan serves as member of the Board of Directors of Mattel, Inc. and Bacardi, Ltd.

Mr. Dolan has an MBA from Columbia University and also holds a PhD in English Literature from Cornell University.

Adam Zhu

In addition to his work with the CCTV-IMG joint venture, Zhu will also work with the relevant business unit heads on the development of all IMG business activities in China.  Adam will report to IMG Chairman and CEO Mike Dolan and is headquartered in Beijing.

Over the years, Adam has worked very closely with IMG and is knowledgeable of the company's businesses and personnel in China. Along with his long-time business partner, Dr Robert Lawrence Kuhn, Adam was instrumental in establishing IMG's partnership with CCTV, one of the largest television networks in the world, in a landmark joint venture to develop and promote sports in mainland China, Hong Kong, and Macau.

"We are very pleased that Adam has agreed to join IMG in this important role," said Mike Dolan. "His knowledge of IMG's capabilities coupled with his outstanding reputation and understanding of the Chinese marketplace will be invaluable going forward.  We have made a great deal of progress in China and we are exploring a number of potentially important opportunities that could result, with Adam's leadership, in our doing very significant business in the country. Adam's willingness to leave his senior, highly successful and well-respected position in investment banking to join the company is a serious demonstration of his confidence in IMG and the JV."

Adam joins from Bank of America Merrill Lynch, where he has been Managing Director of China Investment Banking and Chief Representative of Bank of America Merrill Lynch's Beijing Representative Office.  He has more than 16 years of investment banking experiences, and is a veteran in advising Chinese corporations on both M&A and capital markets mandates.  During these years, he has built longstanding relationships with leaders of the PRC government, and with leading global and Chinese corporations and institutions.  Over the past decade Zhu has worked on some of China's landmark transactions.

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