Gray Television Announces CFO Jim Ryan’s Upcoming Retirement and Appointment of Jeff Gignac to Succeed Him
February 20 2024 - 4:15PM
Gray Television Inc.
(“Gray,” the “Company,” “we,” “us,” or
“our”) (NYSE: GTN) announced today that Chief Financial
Officer Jim Ryan has notified the Company of his voluntary decision
to transition into retirement after 2025. Gray and Jim have agreed
that he will remain with Gray as a Senior Advisor through his
retirement to assist with a seamless transition of his
duties.
To succeed Jim as CFO, Gray announced the hiring of
Jeff Gignac, who currently serves as a Managing Director and Head
of Media & Telecom Investment Banking at Wells Fargo
Securities. Jeff has worked closely with Jim and the Company as one
of its lead bankers for the past several years. Mr.
Gignac will join Gray, initially as Executive Vice President,
Finance, on April 1, 2024, and he will step into Mr. Ryan’s role as
Executive Vice President, Chief Financial Officer on July 1, 2024.
Mr. Ryan will work closely with Mr. Gignac and the entire Gray
executive team until he retires from the Company at the end of
2025.
Jim joined Gray as its CFO in 1998 upon our
acquisition of Busse Broadcasting, where Jim had also served as
CFO. In the ensuing 25 years, Jim’s role remained the same,
but the position became ever more complicated as Gray grew from a
small regional media company to the nation’s second largest
broadcast company. During his tenure, Gray entirely divested its
newspapers, paging, satellite uplink and other businesses, while
acquiring scores of television stations through multiple
transactions including those involving Bostick Broadcasting (1999),
Benedek Broadcasting (2002), the University of Notre Dame (2006),
Yellowstone Television (2013), Hoak Media (2014), SJL Holdings
(2014), Schurz Communications (2016), Raycom Media (2019), Quincy
Media (2021), Meredith Corporation (2021), and many others.
“Jim has made tremendous contributions to Gray
Television during his 25-year tenure,” said Gray’s Executive
Chairman and CEO Hilton Howell. “He has helped guide the Company
through a period of tremendous growth, innovation, and
transformation that has made Gray the industry leader that we are
today. His steady leadership will be missed but will not be
forgotten.”
Jeff Gignac will join Gray after a nearly 20-year
career with Wells Fargo. Prior to his current leadership position,
Jeff spent 18 years in leveraged finance, focused on the telecom,
media and technology (TMT) industries. Prior to Wells Fargo, Jeff
worked at Ernst & Young and Arthur Andersen. He holds a BA in
Accounting from Michigan State University and is a licensed CPA in
the State of Georgia.
“We are fortunate that Jeff Gignac will join Gray’s
senior leadership team as our next CFO,” said Hilton Howell. “Over
the past several years, Jeff has led our debt financing efforts for
the Raycom and Meredith transactions and the AR securitization
facility. Importantly, Jeff helped to ensure that we raised capital
on advantageous terms to facilitate our transformation into a
leading multimedia company. With Gray’s current focus on
deleveraging and prudent balance sheet management, Jeff is the
perfect candidate to lead our finance functions for the next
chapter of our corporate history.”
About Gray:
Gray Television, Inc. is a multimedia company headquartered in
Atlanta, Georgia. Gray is the nation’s largest owner of top-rated
local television stations and digital assets in the United States.
Its television stations serve 113 television markets that
collectively reach approximately 36 percent of US television
households. This portfolio includes 80 markets with the top-rated
television station and 102 markets with the first and/or second
highest rated television station. Gray also owns video program
companies Raycom Sports, Tupelo Media Group, and PowerNation
Studios, as well as the studio production facilities Assembly
Atlanta and Third Rail Studios. Gray owns a majority interest in
Swirl Films. For more information, please visit www.gray.tv.
Cautionary Statements for Purposes of the “Safe Harbor”
Provisions of the Private Securities Litigation Reform
Act
This press release contains certain forward-looking statements
that are based largely on Gray’s current expectations and reflect
various estimates and assumptions by Gray. These statements are
statements other than those of historical fact and may be
identified by words such as “estimates,” “expect,” “anticipate,”
“will,” “implied,” “assume” and similar expressions.
Forward-looking statements are subject to certain risks, trends and
uncertainties that could cause actual results and achievements to
differ materially from those expressed in such forward-looking
statements. Such risks, trends and uncertainties, which in some
instances are beyond Gray’s control. Gray is subject to additional
risks and uncertainties described in Gray’s quarterly and annual
reports filed with the Securities and Exchange Commission from time
to time, including in the “Risk Factors,” and management’s
discussion and analysis of financial condition and results of
operations sections contained therein, which reports are made
publicly available via its website, www.gray.tv. Any
forward-looking statements in this communication should be
evaluated in light of these important risk factors. This press
release reflects management’s views as of the date hereof. Except
to the extent required by applicable law, Gray undertakes no
obligation to update or revise any information contained in this
communication beyond the date hereof, whether as a result of new
information, future events or otherwise.
Gray Contacts:
Hilton H. Howell, Jr., Executive Chairman and
Chief Executive Officer, 404-266-5513
Kevin P. Latek, Executive Vice President, Chief
Legal and Development Officer, 404-266-8333
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