DENVER--(BUSINESS WIRE)--MediaNews Group, Inc., the nation’s second largest newspaper company as measured by circulation, and its Chairman and Chief Executive Officer William Dean Singleton today announced 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 said that it has launched a search to identify a new Chief Executive Officer, thereby enabling Mr. 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. Euteneuer. Upon the appointment of the new CEO, Mr. 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 has retired as President of the company, effective immediately. Gordon A. Paris, a director of the company and industry veteran, has agreed to serve as Interim President until Mr. Singleton’s successor as CEO – who will also assume the position of president – is named. Mr. Paris will work with Mr. Singleton on strategic opportunities, in addition to overseeing the company’s operations and performance.
Additionally, the company said 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 Committee, has agreed to serve as CRO on an interim basis. In this role, Mr. Sileck will work across all business units to develop and execute new revenue enhancement strategies and initiatives and assess new business opportunities.
Mr. Singleton said, “I am extraordinarily proud of everything we have built at MediaNews. Our enterprise has established a strong financial foundation, as well as a leading position in our local communities by providing our audience the highest quality news and media content. This, combined with our commitment to innovation, has positioned us to profitably address the rapidly changing industry landscape. In light of the significant opportunities and challenges we and the industry are facing, our company is best served by having separate executives focus their full efforts on both the strategic landscape, and on implementing an effective plan to expand our revenue streams and meet our operational and efficiency goals. Accordingly, it is the right time for new executive leadership that will enable us to move forward along this dual track for success.
“I want to recognize the tireless commitment of everyone at the company, and pay particular tribute to Jody Lodovic whose contribution to the company has been significant, and greatly appreciated. I look forward to working with Gordon Paris and Michael Sileck as we continue to move MediaNews forward.”
The company announced that Mr. Singleton has appointed the following new Class A Directors to its Board of Directors: Heath Freeman, Managing Director at Alden Global Capital; Bruce Schnelwar, Executive Vice President and Chief Financial Officer of Smith Management LLC and Managing Director and Chief Financial Officer of Alden Global Capital; and Eric Krauss, who was most recently Chief Financial Officer of Action Sports, Inc., and has extensive prior experience as Chief Financial Officer of several other companies. These three executives replace the current Class A Directors on the Board of Directors, who have resigned from the Board. “I am pleased that we were able to attract these outstanding Board members to assist us in accelerating the focus on our strategic and operational initiatives,” Mr. Singleton commented.
Speaking on behalf of the MediaNews Group Board of Directors, Joseph J. Euteneuer, a director of the company, said, “This is the right time for MediaNews to move towards a strong future based on sustainable, profitable growth, and we are excited by the opportunities we see to accelerate us toward that goal.
"As we begin an important transition of executive leadership, everyone at MediaNews Group owes a debt of gratitude to Dean Singleton, a true pioneer and visionary in the newspaper industry who has laid the groundwork for the next chapter of our company’s development. We are pleased that he will continue as Chief Executive Officer until we have identified his successor for that position, and that he will continue thereafter to contribute to our strategic direction as Executive Chairman of the Board, as well as infusing the entire newspaper industry with his optimism about our future in his continued role as an industry leader.
“We are delighted that Gordon Paris has agreed to serve as Interim President. Gordon is an accomplished executive with sound judgment and relevant industry experience. We know that Gordon will push the company forward and ensure that our next Chief Executive Officer will 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,” concluded Mr. Euteneuer.
About MediaNews Group
MediaNews Group, Inc. (www.medianewsgroup.com) is the nation’s second largest newspaper company as measured by circulation, with headquarters in Denver, Colorado. 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 Web sites for its daily newspapers.