Lord Rothermere is to take over as chief executive of his family's newspaper business following the resignation of the chief executive, Paul Zwillenberg.
The decision further cements family control of the Daily Mail and General Trust (LSE:DMGT) (DMGT) and follows the move to take the group private earlier this year, ending its 90-year run on public markets.
Zwillenberg will remain an adviser to the business which includes the Mail, i, and Metro as well as New Scientist magazine, with Jonathan Harmsworth, the fourth Viscount Rothermere, taking day-to-day charge as chief executive, as well as leading the board.
Harmsworth has chaired the company since 1998 following the death of his father, who was regarded as among Britain’s most successful post-war press barons.
In an email to staff he said: “The needs of DMGT are different to what they previously were with the size of the group much smaller.”
“Moving forward I will be taking on the role of chairman and chief executive of the company. Working directly with the leaders of DMGT to progress our strategy and make the most of the opportunities that lie ahead," he added.
Since his arrival as chief executive in 2016, Zwillenberg has generated more than £3.6bn by disposing of stakes and businesses including Zoopla, the education firm Hobsons, the energy data operation Genscape and, most recently, the insurance risk business RMS and the listing of Cazoo, shares in which have crashed.
Zwillenberg acknowledged this slimming down of the business was part of the reasoning behind his departure.
He said: “An inevitable consequence of the strategy we put in place six-and-a-half years ago, if it was successful, was that I would work myself out of a job.”
Harmsworth’s appointment will inevitable raise questions about the group’s strategic future and whether it will continue to sell its non-media interests, or is it merely a stepping stone towards handing down a more powerful and profitable media dynasty to his children or cashing out as he edges towards 60 in a few years time.