Meredith CEO Steve Lacy leaves post at short notice

  • Push-out Score suggests push-out forces
  • After almost twelve years in the position
  • Praise for Lacy
  • Tom Harty taking over
  • Lacy will remain as Executive Chairman at Meredith
  • Lacy said 63 words

(exechange) — Des Moines, Iowa, January 29, 2018 — Steve Lacy, chief executive of Meredith, leaves the position. It is a change at short notice. As announced by Meredith Corporation in a news release on Monday, January 29, 2018, Stephen M. (Steve) Lacy leaves his post as Chief Executive Officer at the media conglomerate after almost twelve years in the position, effective February 1, 2018.

It is the end of an era.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past twelve months was 9.2 years, according to data compiled by exechange. Only 36 percent of the CEOs who departed over the past twelve months left the position after more than ten years.

Lacy’s duties will be taken over by Tom Harty, currently President and Chief Operating Officer at Meredith Corporation.

“To successfully integrate the Time Inc. acquisition and increase shareholder value”

Lacy’s imminent departure from the CEO post is explained as follows. Mell Meredith, Vice Chair of the Meredith Board of Directors, said: “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.”

Lacy will remain as Executive Chairman at Meredith

Meredith Corporation announced that its Board of Directors has elected Steve Lacy Executive Chairman and Tom Harty President and Chief Executive Officer, effective February 1, 2018.

Share price rise since January 2016

The change follows a rise in the share price of Meredith Corporation since January 2016.

In the position of CEO since 2006

Stephen M. Lacy has been the Chief Executive Officer of Meredith Corporation since July 1, 2006.

Lacy is Chairman of the Board and CEO of Meredith and was elected to his current position in February 2010.

Lacy joined Meredith in 1998 as Vice President and CFO.

He was promoted to President of the National Media Group in 2000, elected to the Board and named President and COO in 2004 and elected President and CEO in 2006.

Lacy joined the Board of Directors of Hormel Foods Corporation in September 2011, serving as the Chairman of the Compensation Committee and as a member of the Audit Committee.

Lacy joined the Board of Directors of Great Western Bancorp, Inc. in June 2015, serving as the Chairman of the Governance and Nominating Committee and as a member of the Compensation Committee.

In his new role, Lacy will work with Harty to determine Meredith’s strategic agenda; continue to represent Meredith to the investment and financial communities; lead all Board activities; and play a greater role in media industry association activities, particularly legislative initiatives.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Steve Lacy’s imminent move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.

Read the full story in the exechange report 6.2018 ($).