Tribune Publishing Company has announced a leadership transition plan that will continue a strategic effort to streamline the company's operations and position it for the future.
- Terry Jimenez, the company's executive vice president and chief financial officer, has assumed the role of president and chief executive officer and joined the board, succeeding Timothy P. Knight, who has stepped down from the board and will leave the company at the end of February.
- Philip G. Franklin, chairman of the Tribune Board's Audit Committee, has been appointed non-executive chairman of the board, succeeding David Dreier, who stepped down as non-executive chairman but will remain on the board.
- Mike Lavey, current controller and chief accounting officer, has been named interim chief financial officer.
"These changes are a natural transition as Tribune Publishing works to reduce its corporate and back-office costs and streamline its real estate footprint," Dreier said. "Phil and Terry both have strong financial and operational backgrounds, which are extraordinarily valuable."
"This past year we have been focused on stabilizing Tribune financially so that we can continue to invest in quality, local journalism, which is the key to the company's long-term success," Knight said. "Thanks to the combined efforts of our newsrooms and our digital-product and digital-consumer-marketing groups, our digital-only subscriptions and associated revenue increased significantly in 2019. Tribune is in a solid position to continue its transformation and Terry is the right person to lead the company at this stage. I look forward to working with him as we transition responsibilities over the next month."
Jimenez said he will build on the company's recent accomplishments. "We will continue working to position the company to navigate the industry-wide challenges while continuing to serve our communities with high-quality journalism. We are committed to delivering high-quality products to our customers and clients while also continuing to improve the financial results and value of the company," Jimenez said.
Franklin said the company is in a strong position. "Under Tim's leadership, Tribune Publishing has made solid progress in 2019 and, as a result, the company has a strong balance sheet and is well positioned to continue growing its digital subscriber base. We will continue to focus our resources where they matter most – on our employees and the journalism they produce."
Dreier said he believes Tribune Publishing will continue to be a leader in the news industry. "Tribune Publishing is a leader in each of our eight markets, providing quality, locally focused journalism," Dreier said. "I am confident this will continue under Terry and Phil's leadership. We have a shared belief that solid journalism enhances shareholder value. That will continue to be our driving principle."