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. Last Updated: 07/27/2016

Media CEO Sauer Hands Over Reins

Yelena Myasnikova will become chief executive officer of Independent Media Sanoma Magazines on Jan. 1, replacing founder and current CEO Derk Sauer, Sanoma Magazines International said Wednesday.

Sauer will become chairman of a new, four-member supervisory board at Independent Media, which publishes more than 30 magazines and newspapers, including The Moscow Times and Vedomosti.

Myasnikova, who started her career at Independent Media in 1992 and was longtime editor of Cosmopolitan magazine, said expansion would be her priority as CEO.

Sauer, who built Independent Media on the back of The Moscow Times, founded in 1992, sold the company in January 2005 to Finnish-based Sanoma. At the time he said he would stay on as CEO for at least three years.

Sauer signed a new three-year contract and will devote four days a week to Independent Media, Sanoma said.