Gannett Co. announced yesterday that Paul Bascobert, CEO of its operating company, will leave the company after the board eliminated his position to streamline its operating structure.
Gannett said his departure is not the result of any inappropriate action by 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 Bascobert’s responsibilities.
“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 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 Bascobert. “I remain committed to the importance of journalism in our country and wish nothing but great success for Gannett.”