Gannett’s board of directors decided to eliminate the position of the chief executive officer of its operating company as part of streamlining the operating structure of the company.
As part of the decision, the board and Paul Bascobert, who has been CEO of the operating company, have mutually agreed for the latter to terminate his employment with the company.
Michael Reed, chairman and CEO of the parent company, has taken over Bascobert’s duties.
As of now, the board does not intend to conduct a search to fill the role of CEO.
“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 in a statement. “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,” added Bascobert in a statement. “I remain committed to the importance of journalism in our country and wish nothing but great success for Gannett.”