Stream shareholder Cecchi Gori Group (CGG) has appointed Sebastiano Rigano as general director of its ailing TMC TV networks. Contrary to published reports, Vittorio Cecchi Gori will continue as president of the group but will focus his energies on its film sector.

Although Cecchi Gori did not say why he decided to step aside, his decision was certainly motivated by the fact that all his attempts to find financial partners have so far failed, mainly due to his firm stance on keeping control of CGG. Rigano, who formerly held executive positions at British American Tobacco and Johnson Wax, takes up the new post just as Finmavi, Cecchi Gori’s holding company which controls the film and TV division, is preparing for a flotation on the Milan stock market. Also joining CGG are CEO Marco Duradoni and director general Ermes Gnemmi, while a team of six to seven professional managers will be nominated in the coming weeks.

Consultants McKinsey have been given the task of preparing CGG’s strategic plan which among other things envisages investments in the Internet sector. The plan will be ready by April and will see a rationalisation of the group’s activities and an increased integration of the movie and TV sectors.