Private Media Group Announces Berth Milton as CEO

BARCELONA, Spain — Private Media Group has announced that, effective immediately, Berth Milton has assumed the role of acting CEO of the company.

Milton succeeds Ilan Bunimovitz, who was appointed as CEO in April 2009.

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 Bunimovitz's appointment in 2009.

“Mr. Bunimovitz was employed as CEO pursuant to a written employment agreement, which was terminated by the company under provisions allowing it to terminate the agreement for 'cause' (as defined in such agreement).”

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.