Source Pravda.Ru

IMG's president resigns

The president of International Management Group, which represents Tiger Woods and Roger Federer, is resigning his post at the sports and entertainment marketing firm.

Robert Kain, who joined the company in 1976, will leave day-to-day operations on Nov. 1 but will remain a board member as vice chairman and still manage some clients.

Theodore Forstmann, IMG's chairman, will take on many of Kain's responsibilities, including managing senior employees.

The 56-year-old Kain told employees in a memo sent on Sunday that he had planned to retire at the end of 2004, but when IMG founder Mark McCormack died in 2003 the plan was deferred.

Kain will maintain his relationship with Wimbledon and longtime clients, including tennis star Chris Evert and U.S. figure skater Scott Hamilton. He also will continue to oversee IMG's training academies for athletes.

Cleveland-based employs more than 2,200 people in 70 offices in 30 countries. About a year ago, New York-based Forstmann Little & Co. acquired IMG in a deal valued at more than $700 million, AP reported. V.A.

Representatives of the North Korean administration issued a statement saying that the United States and its allies have lost the "political and military confrontation" to the DPRK

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