Tegna, one of many prime local TV station house owners within the U.S., says former NBCUniversal and Google exec Michael Steib will succeed David Lougee as CEO in August.
After leaving his publish as president, CEO and director, Lougee will grow to be a senior advisor to the corporate.
Lougee, 65, turned CEO in 2017 after a 10-year run as president of Tegna Media. Tegna was created in 2015 when Gannett separated its print and broadcast property into separate corporations. (The identify Tegna is a partial anagram of “Gannett.”)
Final 12 months, the proposed acquisition of Tegna by personal fairness agency Normal Common was deserted after regulators raised considerations concerning the doubtlessly unfavourable impression of the $8.6 billion deal on the workforce and shoppers. The succession course of has been underneath manner since across the time the deal was terminated.
Steib is at the moment CEO of Artsy, an internet platform for locating and amassing artwork. He was beforehand CEO of XO Group, guardian firm of The Knot. Earlier than that, he spent 10 years in government roles at NBCU and Google, “launching, scaling, and buying advertising-supported companies,” in keeping with a press launch.
Together with the change within the nook workplace, Tegna additionally mentioned its board of administrators is including two impartial members. The brand new administrators are Catherine Dunleavy, a senior finance and media government former president of Away; and Denmark West, who heads market intelligence and strategic engagements at X, The Moonshot Manufacturing facility, a division of Alphabet. They’ll be a part of the board on July 1. The corporate mentioned the additions resulted from the “common refreshment course of” of the board.
Lougee “has had an incredible run at Tegna,” Chairman of the Board Howard Elias mentioned. “The board and I deeply admire all he has executed to construct the corporate into an business chief with a robust monetary place and a dedication to the communities wherein we function, however we perceive his want to retire as CEO at this juncture. Over the previous 12 months, the board has engaged in a considerate and complete succession course of to determine Tegna’s future management. We’re lucky that Mike Steib will probably be Dave’s successor working with a top-notch crew.”
Steib, Elias continued, “is a dynamic government with know-how and digital savvy, a ardour for native journalism, deep promoting and media expertise, a historical past of creating excessive efficiency groups, and a monitor document of efficiently constructing companies and driving enterprise mannequin transformation. We’re assured he has the broad ability set that will probably be essential to chart Tegna’s future at a time of unprecedented change in our business.”
“I imagine deeply within the energy of native information to attach our communities and strengthen our democracy,” Steib mentioned. “And I’m excited concerning the many alternatives to leverage know-how to boost this service and generate substantial worth for shareholders. With robust operations in additional than 50 key markets throughout America, a historical past of remarkable journalism, robust money move, and a gifted and passionate crew, Tegna is extremely nicely positioned to grab this second and construct a vivid future for native information and neighborhood in our nation.”
Lougee mentioned Steib is “the best CEO to take Tegna into the longer term at a time of profound change in our business, and I sit up for serving to him in any manner I can. I’m very happy with all we have now achieved over the past seven years and have been lucky to work with a terrific board, excellent administration crew, and devoted workers.”
