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.