the appointment of a new president and chief executive officer.

Former chief operating officer and executive vice president of the company, Frederic T. Klinkhammer, has stepped into the post previously filled by Michel Delloye who is leaving CME to pursue other business opportunities.

Mr. Klinkhammer's international broadcasting and telecommunications experience includes previous positions at MediaLinx where he was responsible for the creation of Sympatico, Canada's largest Internet provider.

He also served as chief executive officer of filmmaker IMAX Corporation and Canada's largest pay television company First Choice.

Cosmetics heir, chairman and founder of CME, Ronald Lauder, said Mr.

Klinkhammer's expertise in building value for stockholders would be useful as the company focused on improving core broadcasting operations' performance.

He also commended Mr. Delloye's leadership during a time of change and cost-cutting at the company which owns, operates and develops TV and radio stations in the emerging markets of central and eastern Europe.