MediaNews Group is shaking up the ranks of its upper management, in what the big newspaper publisher is calling an effort to better handle the changing newspaper industry. Notably, company founder Dean Singleton will be stepping down as CEO, although he will stay on as executive chairman of the company’s board. Joseph Lodovic IV, MediaNews’ president, is also retiring effective immediately. MediaNews says it is searching for Singleton’s successor, who will also hold the title of president, as well as a chief revenue officer who will focus in part on developing new business opportunities for MediaNews.
In a statement, Singleton explained the changes by saying that because “of the significant opportunities and challenges we and the industry are facing, our company is best served by having separate executives focus their full efforts on both the strategic landscape, and on implementing an effective plan to expand our revenue streams and meet our operational and efficiency goals.” As executive chairman, Singleton himself will focus on “opportunities to optimize the company’s portfolio of properties and consolidation opportunities in the newspaper industry.”
MediaNews, which owns the Denver Post and San Jose Mercury News, among other papers, filed for chapter 11 bankruptcy protection a year ago but emerged from bankruptcy protection last March with a much smaller debt load. Singleton and Lodovic, however, retained control of MediaNews through their ownership of all of the company’s class A shares, which allowed the two men to appoint the majority of MediaNews’ board. Singleton and Lodovic’s board appointees have all resigned, the company said. Singleton has replaced them with three others.