Yahoo Finance Local TV Giant TEGNA Taps Mike Steib as New CEO
The local TV station giant TEGNA is getting a new CEO.
The broadcast company, created eight years ago when Gannett separated its broadcasting and publishing businesses, has named Mike Steib as its new CEO, beginning in August.
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Steib is currently the CEO of Artsy, the online art discovery and collecting platform, and previously served as CEO of The Knot owner XO Group. He also previously held senior roles at Google and NBCUniversal.
He’s also a podcaster, hosting an iHeartMedia show called Office Hours in which he interviews some of the business world’s top CEOs.
“I believe deeply in the power of local news to connect our communities and strengthen our democracy. And I am excited about the many opportunities to leverage technology to enhance this service and generate substantial value for shareholders,” Steib said in a statement. “With strong operations in more than 50 key markets across America, a history of exceptional journalism, strong cash flow, and a talented and passionate team, TEGNA is incredibly well positioned to seize this moment and build a bright future for local news and community in our country.”
Steib succeeds Dave Lougee, who has been CEO of the company for the past seven years, and will retire to become a senior advisor.
“Dave has had a great run at TEGNA. The Board and I deeply appreciate all he has done to build the company into an industry leader with a strong financial position and a commitment to the communities in which we operate, but we understand his desire to retire as CEO at this juncture,” TEGNA chairman Howard Elias said in a statement. “Over the past year, the Board has engaged in a thoughtful and comprehensive succession process to identify TEGNA’s future leadership. We are fortunate that Mike Steib will be Dave’s successor working with a top-notch team.
“Mike is a dynamic executive with technology and digital savvy, a passion for local journalism, deep advertising and media experience, a history of developing high performance teams, and a track record of successfully building businesses and driving business model transformation,” he continued. “We are confident he has the broad skill set that will be necessary to chart TEGNA’s future at a time of unprecedented change in our industry.”
The Virginia-based company ons 64 TV stations in 51 markets, making it a big player in local TV.
TEGNA also said that it is adding two new independent directors to its board: Catherine Dunleavy, the former president of luggage and accessory brand Away; and Denmark West, who heads market intelligence and strategic engagements at X, The Moonshot Factory, a division of Alphabet.
Dunleavy previously served as a top executive at NBCUniversal, including a run as CFO of the cable entertainment group, and West previously worked as president of digital media at BET Networks.
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