DENVER, Colo. (MNG) ? MediaNews Group, Inc., the nation”s second largest newspaper company as measured by circulation, and its Chairman and Chief Executive Officer William Dean Singleton, announced Tuesday a process to realign the board of directors and management to enable a greater focus on a range of operational and strategic initiatives designed to drive sustainable future growth and profitability.
These measures will strengthen the company”s performance in its core markets, and continue the transformation of the business from a print-oriented newspaper company to a locally focused provider of news and information across multiple platforms.
In addition, they will position the company to identify, pursue and execute on strategic consolidation opportunities.
As a key part of this transition plan, the company stated that it has launched a search to identify a new Chief Executive Officer, thereby enabling Singleton to focus on opportunities to optimize the company”s portfolio of properties and consolidation opportunities in the newspaper industry. That search will be directed by a special committee of the board of directors, chaired by Joseph J. Eutenauer.
Upon the appointment of the new CEO, Singleton will become executive chairman. He will remain chairman and publisher of the Denver Post and the Salt Lake Tribune. The company also said that Joseph J. Lodovic, IV retired as president of the company, effective immediately.
Gordon A. Paris, a director of the company and industry veteran, agreed to serve as interim president until Singleton”s successor as CEO, who will also assume the position of president, is named.
Paris will work with Singleton on strategic opportunities, in addition to overseeing the company”s operations and performance.
Additionally, the company stated that it has launched a search for a Chief Revenue Officer, a newly created position.
Michael Sileck, a director of the company and head of its interactive assume the reins of an even stronger business platform. “We are equally excited that Michael Sileck will fill the role of Interim CRO. The position is a first for the company and underscores our intensified efforts to develop additional revenue opportunities across the business. Our goal through all of these changes will be to build shareholder value and we are all committed to delivering on that objective,” Euteneuer said.
MediaNews Group and its affiliated companies publish 61 daily newspapers and approximately 100 non-daily publications in 13 states. In addition, MediaNews Group provides programming and operational services for a CBS affiliate in Anchorage, Alaska and four radio stations in Texas licensed to Affiliated Media, Inc. FCC Trust. MediaNews Group Interactive, MediaNews Group”s new media division maintains more than 75 websites for its daily newspapers.
