Oct. 7 (Bloomberg) -- Gannett Co., the publisher of 82 U.S. daily newspapers led by USA Today, promoted Gracia Martore to chief executive officer after Craig Dubow resigned for medical reasons.
Martore, 60, has been president and chief operating officer at the McLean, Virginia-based company, and had overseen Dubow’s duties during his leave of absence that was announced Sept. 15.
Dubow, 56, in recent years had hip and back surgery and has continued to experience chronic related issues, according to Robin Pence, a company spokeswoman. Dubow, who had been the company’s CEO since 2005, took a four-month leave of absence in 2009 following back surgery.
“The decision to step down was difficult, but I must now focus on my health and my family,” Dubow said yesterday in a statement. “Gannett is in good hands under Gracia’s leadership and well positioned to succeed going forward.”
As the newspaper industry has struggled and advertising has dropped amid the economic decline, Dubow cut costs at Gannett, which owns 23 television stations as well as newspapers and websites. Revenue declined in each of the past four years, for a 32 percent drop to $5.44 billion in 2010. In June, the company eliminated 700 jobs at its community-newspaper group.
Marjorie Magner, 62, a managing director at New York-based private-equity firm Brysam Global Partners and an independent director on the company’s board since 2006, was named to replace Dubow as chairman of the board.
Gannett rose 2 cents to $10.47 at 10:23 a.m. in New York Stock Exchange composite trading. The stock has dropped 31 percent this year before today.
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