Romanian Adrian Sarbu (in picture) has recently resigned as president and Chief Executive Officer (CEO) of media group Central European Media Enterprises (CME), the owner of ProTV channel in Romania, after nearly two decades with the company, reads a statement of CME.

Adrian Sarbu was initially CME’s partner when the company launched ProTV in Romania, back in 1995. He served as Chief Operating Officer of the company between 2007 and 2009, and as both president and CEO starting 2009.

Sarbu will continue to be employed by CME until January 1, 2014, while the company is searching for a new CEO. “The Board has designated Duco Sickinghe, a member of the Board, to lead a committee of directors to ensure a smooth business transition while the committee conducts a search for a permanent CEO,” reads the company’s statement.

Romanian businessman Adrian Sarbu currently owns Mediafax Group in Romania, a media group which includes Mediafax news agency, business daily Ziarul Financiar, lifestyle magazine The One and sports daily Prosport.

CME is a media and entertainment company operating in six Central and Eastern European markets with a total population of approximately 50 million people. In Romania, CME runs PRO TV, PRO TV International, Acasa, Acasa Gold, PRO Cinema, Sport.ro, MTV Romania , PRO TV Chisinau and Acasa Moldova. The company also has broadcast operations in Bulgaria, Croatia, the Czech Republic, Slovakia and Slovenia. Across the region CME operates the video-on-demand service Voyo. The company is traded on the NASDAQ Global Select Market and the Prague Stock Exchange.

CME managed to increase its net revenues in Romania by USD 1 million in the first six months of the year, to some USD 96 million. The media group reported USD 54 million in net revenues in Romania during the second quarter of the year, making it the first quarter of net revenues growth after plummeting sales throughout 2012.

Irina Popescu, irina.popescu@romania-insider.com