Forstmann “Still Very Much in Charge” at IMG, Not Selling Company
2:28 pm, May 5th | by Amy Tennery
IMG Worldwide, the massive sports agency that counts Roger Federer as a client, is reorganizing fast, after news of CEO Ted Forstmann’s malignant brain tumor emerged this week. The potentially deadly diagnosis has sent Forstmann into treatment at the Mayo Clinic, according to the New York Post — but that doesn’t mean Forstmann is sitting things out, a company spokesperson told Mogulite.
“While Ted is ill, he still very much in charge,” a rep at IMG said.
Despite this, IMG has announced that CFO Mike Dolan, will take on the roles of President and COO at the company. The IMG spokesperson described Forstmann and Dolan’s working relationship as a collaboration.
“Mike Dolan has been very much involved with Ted in developing our strategy for growth and shares his vision,” the spokesperson said. “By 2013 we should have profits in the neighborhood of $200 million. We’re poised for greatness.”
In a note circulated to IMG employees yesterday, Dolan was described more as a kind of Forstmann backup, than a head honcho:
“While Ted is coming to the office every day and it is business as usual at IMG, in order to ensure the effective day-to-day management of the company, he has appointed Mike Dolan, IMG’s Executive Vice President and Chief Financial Officer, as President and Chief Operating Officer of the company. Ted continues in his position as Chairman and Chief Executive Officer and will be working closely with Mike to continue his long-term strategy of growing IMG’s business.”
As for the elephant in the room — a potential sale of the company — Mogulite’s learned that option isn’t on the table.
“Let me start by telling you in the strongest possible terms, IMG is NOT FOR SALE,” a company rep wrote. “We are in a growth mode, not a sale mode.”
Speculation has abounded over whether the company might sell, since Forstmann’s diagnosis. The company nearly traded hands in 2008, when the New York Post broke word that former Yahoo! CEO Terry Semel was angling for the company.
For his part, Semel hasn’t openly expressed an interest in an IMG acquisition.
“He doesn’t know what [IMG is] thinking or saying so he has nothing to talk about,” a Semel spokesperson said.