Tegna CEO Dave Lougee leaves

  • After around seven years in the position
  • Praise for Lougee
  • Mike Steib taking over
  • Lougee said 66 words

(exechange) — Tysons, Virginia, June 17, 2024 — Dave Lougee, chief executive of Tegna, leaves his position. As announced by Tegna Inc. in a news release on Monday, June 17, 2024, David T. (Dave) Lougee leaves his post as chief executive officer at the media company, after around seven years in the role, effective August 12, 2024.

Generally speaking, it raises questions when a CEO leaves his post at short notice.

Dave Lougee’s duties as CEO will be taken over by Michael (Mike) Steib, currently Chief Executive Officer at Artsy.

The fact that Dave Lougee’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.

“We understand his desire to retire as CEO at this juncture”

Tegna did not give an explicit reason for Dave Lougee’s departure from the CEO post. Chairman of the Board Howard Elias stated: “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.”

Precise information regarding Dave Lougee’s future plans was not immediately available.

“Retire”

Tegna said: “Michael Steib, 48, will succeed David Lougee, 65, as President, CEO and a Director as of August 12, 2024. At that time, Lougee will retire from these roles and become Senior Advisor.”

Share price decline since June 2019

The announcement follows a decline in Tegna Inc.’s share price of 15% since June 2019.

In the position of CEO since 2017

Dave Lougee became CEO of the Company in 2017.

Lougee became President and Chief Executive Officer and a director of Tegna in June 2017.

He previously served as the President of Tegna Media from July 2007 to May 2017.

Prior to joining Tegna, he served as Executive Vice President, Media Operations for Belo Corp. from 2005 to 2007.

Lougee is a past chairman of the National Association of Broadcasters (NAB) as well as the NBC Affiliates Board of Directors and the Television Bureau of Advertising (TVB) Board of Directors.

He currently serves on the Board of the Broadcasters Foundation of America, and previously served as vice chairman of the Broadcast Music, Inc. Board of Directors.

66 words by Dave Lougee

In the release announcing his departure as CEO of Tegna Inc., Dave Lougee received praise.

In the release announcing his departure as CEO, Dave Lougee said 66 words.

“Profound change”

Dave Lougee stated: “I am confident that Mike is the right CEO to take Tegna into the future at a time of profound change in our industry, and I look forward to helping him in any way I can. I am very proud of all we have accomplished over the last seven years and have been fortunate to work with a terrific Board, superb management team, and dedicated employees.”

The above text is an excerpt from the exechange report 26.2024 ($), publication date June 24, 2024.