He will replace Robin Miller, who had returned to the top job on an interim basis after a disastrous foray into the US market forced the departure of Kevin Hand and helped humble the company's share price.

Moloney: Escaped blame for US fiasco

Analysts said the stepping down of Mr Miller, an old hand at Emap, signalled the company's view that it had stabilised its business and restored investor confidence.

Mr Moloney, 43, who joined Emap 22 years ago, escaped much of the blame for the US episode and returned to the UK to take up the role of chief operating officer.

Shares dip

"It is a pleasing appointment," said Jon Bell, media analyst at ING investment bank.

"He has got a good rapport with the City and has a lot of experience within the company."

Emap shares were 2% lower at 738 pence in afternoon trade.

This compared with a low of 480p in September last year and a high of 1,773p touched in early 2000.

Emap owns consumer magazines including FHM and Heat and commercial radio networks such as Kiss and Magic.

It also has a large stable of business and trade titles and a substantial conference and exhibitions business.