- Significant signs for push-out forces
- After 29 years on the job
- Christopher Ripley to take over
- Smith will remain as Executive Chairman
(management-change.com) — Baltimore, Maryland, November 02, 2016 — David Smith, chief executive of Sinclair, leaves the position. As announced by Sinclair Broadcast Group, Inc. in a news release and in a regulatory filing published on Wednesday, November 02, 2016, David Smith leaves the post as Chief Executive Officer at the telecommunications company after 29 years on the job, effective January 01, 2017.
It is the end of an era.
Smith’s duties are taken over by Christopher Ripley, currently Chief Financial Officer at Sinclair Broadcast Group, Inc.
No reason given
In the announcement, Sinclair did not explicitly explain the reason for Smith’s move, opening the door for speculation.
Smith will remain as Executive Chairman at Sinclair
David Smith moves from Chairman, President & Chief Executive Officer to Executive Chairman.
Smith will have direct oversight of the development, implementation and globalization of the Next Generation Broadcast Platform (ATSC 3.0) and expansion of Sinclair’s news franchise. Smith will also be directly involved with public policy as it relates to the broadcast industry.
Share price decline
The change follows a decline in the share price of Sinclair Broadcast Group, Inc. since November 2015.
On the job as CEO since 1988
David D. Smith has served as President and Chief Executive Officer since 1988 and as Chairman of the Board of Sinclair Broadcast Group, Inc. since September 1990.
Smith founded Comark Communications, Inc., a company engaged in the manufacture of high power transmitters for UHF television stations, and was an officer and director of Comark until 1986.
He also was a principal in other television stations prior to serving as a General Manager of WPMY (formerly WCWB-TV) from 1984 until 1986.
In 1986, Smith was instrumental in the formation of Sinclair Broadcast Group, Inc.
Smith serves as a member of the Board of Directors of Atlantic Automotive Corporation, The Triscari Group, Inc., The Sinclair Relief Fund, The American Flag Foundation, Inc., Cunningham Communications Inc., Gerstell Development, LP, Keyser Investment Group, Inc. and is a member of the Board of Managers of Alarm Funding Associates, LLC.
Significant signs for push-out forces
It is not completely certain what forces eventually triggered David Smith’s move.
The Push-out Score™ determined by management-change.com suggests significant signs for push-out forces that may have contributed to the management change.
Read the full story in the management-change.com report 41.2016 ($).