Gannett Announces Elimination of the CEO Position for the Operating Company and the Departure of Paul Bascobert
June 18 2020 - 4:05PM
Business Wire
Gannett Co., Inc. (“Gannett”, the “Company”) (NYSE: GCI)
announced today that the Board of Directors (“The Board”) has
decided to streamline the operating structure of the Company by
eliminating the position of CEO of the operating company, Gannett
Media Corp. (“Gannett Media”). Given this decision, the Board and
Paul Bascobert have mutually agreed for Mr. Bascobert to terminate
his employment with the Company. Mr. Bascobert’s departure is not
the result of any inappropriate action by Mr. Bascobert, any
violation of company policy, any accounting irregularity or any
material deterioration in the business of the Company.
Michael Reed, Chairman and Chief Executive Officer of Gannett,
has assumed Mr. Bascobert’s responsibilities. While the Board does
not intend to conduct a search to fill the role of Chief Executive
Officer of Gannett Media, the Board does remain focused on
attracting and retaining individuals whose skills and diversity
will contribute to the Company’s digital transformation.
“The Board and I would like to thank Paul for his contributions
during such an important period for our Company. Paul made a
significant impact, helping to integrate the two companies,
navigate through this current pandemic and lay the groundwork for
our revenue transformation,” said Mr. Reed. “The Board remains
committed to our plans for continued integration and
transformation.”
“I am proud of the progress Gannett has made in bringing
together two great media companies. It is a terrific team with a
bright future,” said Mr. Bascobert. “I remain committed to the
importance of journalism in our country and wish nothing but great
success for Gannett.”
About Gannett
Gannett Co., Inc. (NYSE: GCI) is an innovative, digitally
focused media and marketing solutions company committed to the
communities in our network and helping them build relationships
with their local businesses. With an unmatched reach at the
national and local level, Gannett touches the lives of millions
with our Pulitzer-Prize winning content, consumer experiences and
benefits, and advertiser products and services. Our portfolio
includes the USA TODAY, local media organizations in 46 states in
the U.S. and Guam, and Newsquest, a wholly owned subsidiary with
over 140 local media brands operating in the United Kingdom.
Gannett also owns the digital marketing services companies
ReachLocal, Inc., UpCurve, Inc., and WordStream, Inc. and runs the
largest media-owned events business in the U.S., GateHouse Live.
Effective November 20, 2019, following the completion of its merger
with Gannett, New Media Investment Group Inc. trades on the New
York Stock Exchange under Gannett Co., Inc. and its ticker symbol
has changed to “GCI”. To connect with us, visit
www.gannett.com..
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version on businesswire.com: https://www.businesswire.com/news/home/20200618005899/en/
Ashley Higgins, Gannett Investor Relations investors@gannett.com
(212) 479-3160 or Media: Stephanie Tackach, Sr. Director, Corporate
Communications stackach@gannett.com / pr@gannett.com
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