Peter Bruce gives up editor’s chair at Business Day

BUSINESS Day and Financial Mail editor-in-chief Peter Bruce has relinquished his role as Business Day editor and will be succeeded by Financial Mail senior associate editor Songezo Zibi.

Mr Zibi‚ who has been in the communications industry for 15 years‚ has served as corporate affairs executive at Xstrata SA and on the executive committee of the National Business Initiative. He will take up the Business Day editorship on May 1‚ with his first edition hitting the newsstands on Friday‚ May 2.

Mr Zibi — who joined Financial Mail last year and has contributed regularly to Business Day — will take responsibility for growing the relevance and footprint of Business Day and wants the newspaper to lead the debate on the national economy.

“Stepping into Peter’s shoes is both an honour and terrifying at once‚ but it is a challenge I am nonetheless excited about and look forward to‚” he said on Thursday.

“One of my ambitions for Business Day is to tell the story of South African companies and the economy in a way that focuses the minds of readers on what is truly important — and where Business Day is the first-choice read for economic‚ business and political news.”

Mr Bruce‚ who has been at the helm of South Africa’s leading financial daily newspaper for 13 years‚ previously edited the Financial Mail and worked as a correspondent for the Financial Times in Madrid‚ Bonn and the UK. He also served as publisher of BDFM last year.

He will remain editor-in-chief of Business Day and Financial Mail while extending his focus to Business Day TV — at a time when Times Media Group‚ owner of BDFM‚ has been increasing its broadcasting assets.

Mr Bruce said Mr Zibi had a “fierce intellect” and was a “great leader”.

“I am especially delighted that Songezo Zibi will become editor when I leave the chair at the end of April‚” he added. “I harassed him for almost two years before persuading him to join us and I wish him nothing but the very best in the job.”

Times Media MD Mike Robertson commended Mr Bruce for his leadership at Business Day and making it South Africa’s foremost financial daily.

BDFM has in the past year undergone an intensive process to integrate the Financial Mail and Business Day newsrooms and to create content for its growing digital properties‚ including BDlive and the revamped Financial Mail website.

Times Media has also restructured BDFM to restore the business to profitability.

Earlier this month‚ Times Media declared a maiden interim dividend of 25c a share and reported headline earnings per share of 196c for the six months to December compared with 28c in the previous period.

Times Media has spent the past 14 months cleaning up the business by‚ among other things‚ selling non-core businesses such as movie chain Nu Metro‚ Van Schaik Bookstore and Exclusive Books.

The company has spent close to R180m buying shares in broadcast assets since spring last year. In September‚ it acquired a 32.26% stake in Ghanaian broadcaster Multimedia Group for R144m.

The company recently took a 60% stake in Vuma FM in KwaZulu-Natal for R25.6m — its third broadcast acquisition as part of its strategy to diversify from print assets and to multiply the advertising platforms it can offer to its clients.

In December‚ it bought a 65% stake in MPower FM‚ a commercial radio broadcaster based in Nelspruit‚ Mpumalanga‚ with a satellite studio in eMalahleni‚ for R6m.

Commenting on the appointment of Mr Zibi‚ Times Media CEO Andrew Bonamour said: “Both Zibi and Bruce possess fervour for Business Day that creates a natural opportunity to share content successfully across our online and broadcast assets.

“It really aligns with Times Media Group’s diversification of delivery platforms and adds value to our expansion as a media group into Africa.” © BDlive 2013