- Push-out Score determined
- After about a year in the position
- Praise for Knight
- Terry Jimenez taking over
- Knight said 93 words
(exechange) — Chicago, Illinois, February 3, 2020 — Tim Knight, chief executive of Tribune, leaves. As announced by Tribune Publishing Co. in a news release on Monday, February 3, 2020, Timothy P. (Tim) Knight has left his post as chief executive officer at the newspaper company after about a year in the role, effective January 31, 2020.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.5 years, according to data compiled by exechange. On an accumulated basis, around 15% of the CEOs who announced their departure over the past 12 months left their posts within two years, and 27% left their posts within three years.
Tim Knight’s duties as CEO will be taken over by Terry Jimenez, most recently Chief Financial Officer of Tribune Publishing Co.
Mike Lavey, current Controller and Chief Accounting Officer, has been named interim Chief Financial Officer.
“To streamline the company’s operations”
Tim Knight’s departure from the CEO post is explained as follows. Tribune said: “Tribune Publishing Company (NASDAQ: TPCO), one of the nation’s leading media companies, today announced a leadership transition plan that will continue a strategic effort to streamline the company’s operations and position it for the future. The changes became effective January 31, 2020.”
Precise information regarding Tim Knight’s future plans was not immediately available.
“Stepped down/leave the company”
Tribune said: “Terry Jimenez, the company’s Executive Vice President and Chief Financial Officer, has assumed the role of President and Chief Executive Officer and joined the Board, succeeding Timothy P. Knight, who has stepped down from the Board and will leave the company at the end of February.”
Share price decline
The announcement follows a decline in Tribune Publishing Co.’s share price of 5% since January 2019.
Chaired by Philip G. Franklin
Tribune Publishing Co. is chaired by Philip G. Franklin.
Philip G. Franklin has served as a director of Tribune Publishing Co. since August 2014.
In the position of CEO since 2019
Tim Knight became CEO of the Company in 2019.
Timothy P. Knight has been Chief Executive Officer, President and a member of the Board of Tribune Publishing Company since January 2019.
He joined the company in February 2017.
Prior to his role as CEO, Knight served as President of the Company where he was responsible for all of the Company’s local market operations.
Knight previously served as the President of Advance Ohio and directed the strategy, sales, marketing and content of cleveland.com, one of the largest news and information sites in Ohio and as CEO of Wrapports LLC.
Prior to that Knight served as President and CEO of New York-based Newsday Media Group and Publisher of Newsday, where he led the process that resulted in the sale of Newsday Media Group by Tribune Company to Cablevision Systems Corporation for $650 million in 2008.
He has served in senior leadership positions at Tribune Company, Chicago Tribune and Classified Ventures.
Knight started his career as a corporate associate at Skadden, Arps, Slate, Meagher & Flom in Chicago and London.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Tribune and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 6.2020 ($).