Lee Enterprises, Incorporated (NYSE: LEE) is making leadership changes at the top. Marc Wilson, who has been CEO of the company’s subsidiary TownNews.com, will become the executive chairman of the company. In the same breath, Lee Enterprises has named Brad Ward the CEO of TownNews, thus replacing Wilson.
Until his latest appointment, Ward was the COO of TownNews, a position he has held since 2014. Lee Enterprises said the changes will become effective on October 1.
James Green, the VP of Digital at Lee Enterprises, said in a statement that Wilson has been instrumental in the growth of TownNews for the many years he has led the subsidiary. With the changes, Green added that they expect Lee Enterprises to continue benefiting from the contributions of Wilson given his massive experience as a journalist.
In a press release, Lee Enterprises, Incorporated (NYSE: LEE) said that Wilson together with his wife will remain minority shareholders in the company.
Commenting on the changes, Wilson said that he was delighted that he was being replaced by his great friend Ward as the CEO of TownNews. On his part, Ward termed it an honor to be appointment the replacement of Wilson, adding that he will work to continue the vision of the outgoing CEO. Ward’s career with TownNews goes back to 2000.
Selling Utah newspaper
The leadership changes at Lee Enterprises, Incorporated (NYSE: LEE) are coming on the heels of the company’s move to sell its Provo, Utah newspaper called Daily Herald. Lee Enterprises is selling the newspaper to Ogden Newspapers, which owns and operates dozens of newspapers and magazines covering 14 states. Daily Herald has daily circulation of about 20,000.
The financial terms of the deal were not disclosed.
How Lee Enterprises, Incorporated (NYSE: LEE) fared in F3Q
Lee Enterprises, Incorporated (NYSE: LEE) generated revenue of $150.9 million in F3Q2016, indicating a decline of 4.9% YoY. However, adjusted EPS of $0.08 for the quarter was better than $0.05 in the year-ago quarter.