Victor F. Ganzi Resigns As President, Ceo And Director Of Hearst Corporation
Frank A. Bennack, Jr. Reassumes CEO Role As Board Launches CEO Search
NEW YORK, June 2008--Hearst Corporation today announced that Victor F. Ganzi, president, chief executive officer and director of Hearst Corporation, one of the nation’s largest diversified media companies, has resigned from the company. The reason for his resignation was irreconcilable policy differences with the Board of Trustees about the future direction of the company.
Hearst’s Board of Directors has formed a search committee to find a new CEO and plans to explore a full range of options to identify who will lead Hearst Corporation in a dynamic and evolving media marketplace. In the meantime, the Board has asked Frank A. Bennack, Jr., vice chairman of the Hearst Board of Directors and chairman of the Executive Committee, to reassume the role of CEO. Bennack is the immediate past president and CEO of Hearst Corporation. For 23 years, he directed Hearst through an unprecedented period of growth.
The announcement was made jointly by George R. Hearst, Jr., chairman of the Hearst Board of Directors, and Bennack, following a meeting of the Hearst Board of Directors.
“Victor Ganzi worked diligently to direct Hearst during a critical time, and we are appreciative of his commitment to Hearst’s success. We wish him well in his future endeavors,” Hearst and Bennack said.
“It has been an honor leading this company and working with such talented people throughout the organization over the past 18 years—and the last six as CEO,” said Ganzi. “Based upon 15 record profit years out of the last 16, Hearst is well-positioned to extend its leadership in the media industry in the future. I will work with the company to ensure an orderly transition of leadership.”
Hearst Corporation (www.hearst.com) is one of the nation’s largest diversified media companies. Its major interests include ownership of 15 daily and 31 weekly newspapers, including the Houston Chronicle, San Francisco Chronicle and Albany Times Union; as well as interests in an additional 44 daily and 38 non-daily newspapers owned by MediaNews Group, which include the Denver Post and Salt Lake Tribune; nearly 200 magazines around the world, including Cosmopolitan and O, The Oprah Magazine; 29 television stations through Hearst-Argyle Television (NYSE:HTV) which reach a combined 18% of U.S. viewers; ownership in leading cable networks, including Lifetime, A&E, History and ESPN; as well as business publishing, including a minority joint venture interest in Fitch Ratings; Internet businesses, television production, newspaper features distribution and real estate.
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