Gannett Co. Chief Financial Officer Paul Saleh resigned to become finance chief at Computer Sciences Corp., a technology contractor for governments and businesses.
Saleh, 55, accepted a position at a “Fortune 200” company, McLean, Virginia-based Gannett said today in a statement, without specifying where he is going. Computer Sciences said in a statement that it hired Saleh as CFO effective May 23.
Gannett, the owner of 82 U.S. daily newspapers including USA Today, has struggled to revive revenue growth as the newspaper industry loses ad sales to websites such as those of Google Inc. and Facebook Inc. The publisher reported a 25 percent drop in first-quarter net income to $68.2 million as sales declined 2.6 percent to $1.22 billion.
Vice President Michael Hart will lead financial operations while the company seeks a replacement for Saleh, Gannett said. Saleh, a former chief financial officer for Sprint Nextel Corp., joined Gannett in November 2010. His total compensation for 2011 was $2.19 million, according to a March regulatory filing.
Computer Sciences, based in Falls Church, Virginia, said Saleh will replace Michael Mancuso, who announced his retirement in February.
Gannett fell 0.5 percent to $13.30 at 9:36 a.m. in New York. The shares had gained 1.4 percent this year before today. Computer Sciences dropped 2.3 percent to $26.50 and had increased 14 percent this year through May 11.