IMG's Forstmann being treated for brain cancer
Ted Forstmann, the CEO and chairman of IMG Worldwide, which represents Tiger Woods, has undergone surgery for brain cancer, and the company has named Mike Dolan chief operating officer, according to Bloomberg News.
Dolan, 64, chief financial officer of New York-based IMG, will take on the newly created responsibilities to ensure “effective day-to-day management of the company,” according to a memo sent to IMG employees obtained by Bloomberg News. Dolan will also continue to serve as CFO until he names a successor, Jim Gallagher, spokesman for IMG, said today.
Forstmann, 71, the dealmaker who helped create the leveraged buyout business, has had surgery and is undergoing treatment for brain cancer, a person familiar with the matter said yesterday. He is still coming to the office every day, Gallagher said.
The Wall Street Journal reported that the cancer is potentially life-threatening, and nytimes.com's DealBook reported that he has been treated at the Mayo Clinic and in New York.