Gannett Co. Inc. (GCI) has named MarketWatch Inc. founder Larry Kramer as the president and publisher of USA Today, a move that comes as the newspaper publisher looks grows its digital operations.
Kramer's appointment is effective immediately.
"He will play a critical role as we transform the company and execute on our strategic plan to position Gannett for success in the digital age," said Gannett Chief Executive Gracia Martore.
Kramer currently serves as a media consultant and adjunct professor at Syracuse University. Kramer served as president of CBS Corp.'s digital media unit from 2005 to 2007 and served as an adviser to CBS until April 2008. Prior to joining CBS, Kramer served as chairman and CEO of MarketWatch until its sale to Dow Jones & Co. in January 2005. Dow Jones also publishes this newswire and The Wall Street Journal.
Gannett, like other struggling traditional publishers, is attempting to offset an ongoing demise in print circulation and advertising by focusing more on content and advertising for online audiences. As part of those efforts, Gannett in February said it would begin charging for local news content.
Last month, the company reported its first-quarter earnings fell 25% due to restructuring costs and an ongoing slide in print advertising revenue.
Also In April, Gannett disclosed David Hunke's plans to retire as USA Today's president and publisher. Earlier Monday, Gannett announced that its chief financial officer, Paul Saleh, has resigned to take a position with another company.
Shares slipped by 8 cents to $13.31 in recent after-hours trading. The stock is off 9.6% over the past three months.
-By Nathalie Tadena, Dow Jones Newswires; 212-416-3287; firstname.lastname@example.org