Metro CEO announces plans to quit

Free newspaper business Metro International has said its CEO Pelle Törnberg will leave his post at the end of the summer, as it announced net profits of $11.5 million in the fourth quarter of 2006, up from $5.9 million the same period of 2005.

The profits were above analyst expectations of a net profit of $9 million, a Reuters survey indicated. Sales were up 23 percent to $124.1 million.

The company said that no dividend would be paid for 2006.

Törnberg has been appointed to the board of telecoms company Tele2. The company, which is owned by the Stenbeck family, which also owns Metro, announced the move on Tuesday. A search for his replacement at Metro has already begun, the company’s board said.

Metro was founded in 1995, and distributes 70 free newspapers in 100 cities across the world. It claims to be the world’s ‘biggest daily newspaper’.