Allan Waters has stepped down from the board of directors at CHUM Limited, ending more than 50 years atop a media empire he founded back in the fledgling days of rock ‘n’ roll and AM radio.

The 84-year-old mogul is still the company’s largest shareholder, with 88% of its common shares, and still has an honorary position on the CHUM board. But the move is another step back from direct involvement with his company’s many radio and TV outlets.

Waters stepped down as CHUM’s president and CEO in 2002, passing day-to-day control to longtime TV exec Jay Switzer.

‘It was a privilege to have worked with Allan Waters for many years,’ said Switzer in a statement. ‘His leadership, integrity and profound business judgement have set an example that we carry into the future.’

‘This company has been my father’s passion for over 50 years and it is his guiding hand that has made us what we are today,’ added Jim Waters, his son and CHUM chairman.

Allan Waters purchased Toronto’s 1050 CHUM in 1954, eventually turning it into the country’s first top-40 24-hour radio station. The company bought up other stations through the ’60s before expanding into television in 1968, when it bought a majority share of CKVR in Barrie, ON.

Ten years later, Waters bought controlling interest in CITY. Citytv Toronto is today the cornerstone of CHUM’s empire and home to its many specialty channels, including MuchMusic, Bravo! and Space: The Imagination Station.

Waters has since been inducted into the Canadian Music Hall of Fame, the Canadian Association of Broadcasters’ Broadcast Hall of Fame, and he took home the Walt Grealis special achievement award at the 1999 Juno Awards.

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