THREE executives at Business and Finance have bought a "significant" stake in the company that owns and publishes the weekly magazine, Belenos Publications.
The three executives, Mr John McGee, Mr Ian Hyland and Ms Lisa Norris, will not have a majority stake in the company but they said their stake was "significant".
No figures on the size of the stake or the cost were disclosed because of a confidentiality clause. But a six figure sum is understood to have been involved.
Mr Bill Ambrose, who managed the company for over 21 years and had a 70 per cent stake, has become executive chairman and retains the largest single stake.
But his stake and that of the former 30 per cent shareholder, Mr Mike Norris, have been significantly diluted. Former editor, Mr Dan White, who was with the company for 11 years, six as editor, has left the company.
Mr McGee, who was deputy editor of the magazine, has become managing director and managing editor. Mr Hyland, formerly director of sales and marketing, has become deputy managing director with responsibility for sales and marketing.
Ms Norris, who was commercial manager with responsibility for finance, has become deputy managing director with responsibility for the commercial aspects of the business.
In a statement, Business and Finance said the changes would result in "significant development and expansion" over the next three years. Mr McGee said the company plans to make considerable investment. The editorial team of the 35 year old magazine will be "significantly strengthened".
