LONDON: Ralph Bernard (pictured), ceo of the UK's biggest commercial radio group GCap Media, has quit after a slippage in half-year profits: down 3.4% year-on-year from £5.8m to £5.6 million ($11.5m; £7.7m).
Sales also slipped to £100m, from £102.2m in 2006.
Like-for-like revenues for October were down one per cent, the company revealed, while radio advertising revenues are currently flat.
Bernard, who will step down as soon as a new ceo is appointed, commented: "Having taken the group and the industry to this point, I feel that now is the time for a new chief executive to face the new challenges and opportunities ahead."
Bernard was chairman of GWR for 23 years, before its 2005 merger with Capital to become GCap.
In May he appointed former ITV chief executive Richard Eyre as non-executive chairman.
Data sourced from MediaGuardian.co.uk; additional content by WARC staff