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Strong, Experienced Management Team Positioned at Meredith to Lead Integration of Time Inc. Acquisition
Meredith Corporation announced that its Board of Directors has elected Steve Lacy Executive Chairman and Tom Harty President and Chief Executive Officer, effective 1 February, 2018.
Lacy is currently Chairman and Chief Executive Officer and Harty is President and Chief Operating Officer.
In his new role, Lacy, 63, will work with Harty to determine the company‘s strategic agenda, continue to represent the company to the investment and financial communities, lead all Board activities, and play a greater role in media industry association activities, particularly legislative initiatives.
In his new role, Harty, 55, will continue to lead the company’s National and Local Media Groups, and direct the integration of the Time Inc. acquisition.
He will add responsibility for the company’s Finance and Legal functions, which are led by Chief Financial Officer Joe Ceryanec and Chief Development Officer & General Counsel John Zieser, respectively.
On 26 November, 2017, the company announced its acquisition of Time Inc., creating a powerful portfolio of leading multiplatform media brands that will reach more than 200 million American consumers, including more than 85% of U.S. Millennial women.
The company will become a Top 10 digital player in the media space with 170 million monthly unique visitors and $700 million/£493.5 million of digital advertising revenues.
The company has secured regulatory approvals and completed all financing requirements, and the transaction is expected to close later this week.
“This is a pivotal time for Meredith Corporation and our Board believes we have the right leadership team and a well-defined plan to successfully integrate the Time Inc. acquisition and increase shareholder value. Steve and Tom have outstanding track records of achieving acquisition goals and growing Total Shareholder Return over time – and together with the best employees in the media industry – I am extremely confident in their ability to deliver for all our stakeholders, including consumers, advertisers, investors and employees alike,” said Mell Meredith, Vice Chair of the Meredith Board of Directors.
“I look forward to working closely with Tom as we create an even more powerful media and marketing company. These new roles are the next phase in a well-planned succession process that began when Tom was promoted to President and COO in 2016. He has done an excellent job leading our operating groups, including a major role in our acquisition of Time Inc,” said Lacy.
“I’m excited to lead the best team in the media and marketing industry. Here at Meredith, we are well-known for a collaborative culture that is highly effective in the marketplace. With our tremendous media portfolio – bolstered by the acquisition of the Time Inc. brands – we are extremely well-positioned to continue expanding our connection to consumers and helping advertisers who want to reach them,” said Harty.
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