- Charles Frank to be appointed as interim Chief Financial Officer -

HAMILTON, Bermuda, June 22 /PRNewswire-FirstCall/ -- Central European Media Enterprises Ltd. ('CME') (Nasdaq/Prague Stock Exchange: CETV) announced that, effective July 1, 2009, Wallace Macmillan is stepping down as Chief Financial Officer of the company. Charles R. Frank, Jr. has been named interim CFO. Mr. Frank has served as an independent Director of CME since 2001 and has extensive experience of the finance function through his service on the Audit and Treasury Committees.

Wallace Macmillan, Chief Financial Officer of CME since 2003, said: 'I have greatly enjoyed the years I have spent at CME and the opportunity to work with my colleagues in the central team and the local markets. The company is currently consolidating its senior management functions in Prague and, while I fully support the decision to centralize the management team, after long consideration I have decided that I cannot relocate for family reasons. I wish everyone at CME continued success.'

Adrian Sarbu, President and Chief Operating Officer of CME, said: 'I would like to express my warm thanks to Wallace for his significant contribution to CME over the last six years, a period of rapid development of the company. I wish him well in his future career.'

Until a permanent successor is found the strong team that Mr. Macmillan built will be led by Charles Frank. In addition to his extensive knowledge of CME through his board tenure Mr. Frank contributes a strong financial background, which includes senior roles at Salomon Brothers, GE Capital and the European Bank for Reconstruction and Development.

Adrian Sarbu commented: 'I welcome Charles to the executive team. He knows the company very well and has worked with me and with Wallace for many years. Charles will be able to make a strong contribution from the outset and his preparedness to accept this role allows us time to complete a search for the right long-term candidate without undue pressure.'

CME is a broadcasting company operating leading networks in seven Central and Eastern European countries with an aggregate population of approximately 97 million people.