A. H. Belo Corp. Announces Retirement of Jim Moroney, Chairman, President & Chief Executive Officer; Robert W. Decherd to Suc...
April 17 2018 - 8:00PM
Business Wire
A. H. Belo Corporation (NYSE:AHC) announced today that Jim
Moroney, chairman, president and Chief Executive Officer of A. H.
Belo Corporation, plans to retire effective with the May meeting of
the Board of Directors. Moroney will continue serving as a director
and will assume the title of Publisher Emeritus of The Dallas
Morning News, where he served as publisher and Chief Executive
Officer from 2001 until March 2018.
Robert W. Decherd will succeed Moroney as chairman, president
and Chief Executive Officer. Decherd previously served as chairman
and Chief Executive Officer of A. H. Belo and Belo Corp. from
1987–2013. Decherd has remained a director over the five years
since Moroney became the Company’s Chief Executive Officer.
Tyree B. Miller, Lead Director of A. H. Belo, said, “The Board
is enormously grateful to Jim for leading the Company through a
period of unprecedented change in the newspaper and media
industries. His intense focus on A. H. Belo’s journalistic mission
and his deft handling of the Company’s business portfolio have put
A. H. Belo in a position only a few U.S. newspaper companies can
claim today. We thank him and welcome Robert back to the leadership
role he ably fulfilled for many years.”
Moroney added, “When I became CEO in 2013, I told the Board I
would commit to four years. It’s now been almost five years and I
asked Ty to form a transition committee which worked diligently
during the past year to design the organization we now have in
place. I feel very good about where we are as a company.” The
Board’s transition committee was composed of Miller, director John
P. Puerner, who preceded Miller as Lead Director, Moroney and
Decherd.
Moroney continued, “Besides continuing to transform the
Company’s business model, I wanted to hire a new editor, a new
publisher and play a role in hiring a new editor of the editorial
board. All of that was accomplished by early March of this year and
so now, closing in on five years, it’s time for me to look to other
endeavors. It has been the privilege of my professional life to
serve as publisher of The Dallas Morning News.”
During Moroney’s tenure at The Dallas Morning News, the
newspaper won three Pulitzer Prizes, in 2004, 2006 and 2010, and
was a finalist on several other occasions. Its work on long-term
news and editorial series, especially the divide between the city’s
affluent and underserved areas, resulted in significant actions by
local government. A multi-year editorial campaign culminated with
the Texas legislature requiring its members to record their votes
for the first time in state’s history. The Dallas Morning News’
progressive work in digital content has earned widespread acclaim
in the industry and generally.
During the past five years, A. H. Belo has invested in digital
marketing services businesses, disposed of numerous non-core
assets, greatly strengthened the two pension plans sponsored by the
Company, and most recently, re-located its headquarters and The
Dallas Morning News to a renovated historic building in downtown
Dallas.
Moroney plans to continue working from time-to-time with various
organizations in the newspaper business and elsewhere to pursue his
long-standing interest in digital journalism. He is generally
considered to be one of the industry’s leaders in transforming a
newspaper’s legacy business to a more digitally-driven business and
in diversifying its sources of revenue.
In the new organization, Decherd’s direct reports will be Grant
Moise, president and publisher of The Dallas Morning News, Tim
Storer, president of Belo + Company, Chief Financial Officer Katy
Murray, General Counsel Chris Larkin, and Chief People Officer
Julie Hoagland.
Decherd said, “It’s exciting to serve again as A. H. Belo’s
Chief Executive Officer. We are in the enviable position of being
able to conceive and implement initiatives that reinforce
shareholder value while upholding the Company’s long-standing
commitment to local journalism, editorial leadership, and
far-reaching news projects. A. H. Belo has great people, strong
conviction, and a durable financial structure.”
About A. H. Belo Corporation
A. H. Belo Corporation is a leading local news and
information publishing company with commercial printing,
distribution and direct mail capabilities, as well as expertise in
emerging media and digital marketing. With a continued focus on
extending the Company’s media platform, A. H. Belo
Corporation delivers news and information in innovative ways
to a broad spectrum of audiences with diverse interests and
lifestyles. For additional information,
visit www.ahbelo.com or email invest@ahbelo.com.
Statements in this communication concerning A. H. Belo
Corporation’s business outlook or future economic performance,
anticipated profitability, revenues, expenses, dividends, capital
expenditures, investments, dispositions, impairments, business
initiatives, acquisitions, pension plan contributions and
obligations, real estate sales, working capital, future financings
and other financial and non-financial items that are not historical
facts, are “forward-looking statements” as the term is defined
under applicable federal securities laws. Forward-looking
statements are subject to risks, uncertainties and other factors
that could cause actual results to differ materially from those
statements. Such risks, trends and uncertainties are, in most
instances, beyond the Company’s control, and include changes in
advertising demand and other economic conditions; consumers’
tastes; newsprint prices; program costs; labor relations;
technology obsolescence; as well as other risks described in the
Company’s Annual Report on Form 10-K and in the Company’s other
public disclosures and filings with the Securities and
Exchange Commission. Forward-looking statements, which are as of
the date of this filing, are not updated to reflect events or
circumstances after the date of the statement.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180417006715/en/
A. H. Belo CorporationKaty MurraySVP/CFOinvest@ahbelo.com
A H Belo (NYSE:AHC)
Historical Stock Chart
From Sep 2024 to Oct 2024
A H Belo (NYSE:AHC)
Historical Stock Chart
From Oct 2023 to Oct 2024