Another publicly traded company with broadcast media holdings has suddenly faced the loss of its Chief Executive Officer.
Walter F. Ulloa, the Chairman and CEO of Entravision Communications, a NYSE-traded operation that in recent years evolved from a Hispanic-focused radio and TV station owner to a global digital advertising solutions operation, died on December 31 after suffering a heart attack.
Ulloa was 74 years old.
In a statement released immediately after Tuesday’s Opening Bell on Wall Street, Entravision’s Board of Directors said, “We are profoundly saddened by the sudden passing of Walter Ulloa and extend our heartfelt condolences to Walter’s wife, son and entire family.”
Ulloa founded Entravision more than 25 years ago, and the board called him “an exceptional leader who transformed the company from a traditional multi-linear Spanish-language company that currently owns and operates approximately 100 domestic television and radio stations, to a global digital media powerhouse with a footprint that today reaches across more than 40 countries. Well-known and respected throughout the media industry, Walter’s passion, energy, and devotion to our company will be greatly missed. We have lost a leader and a friend.”
Ulloa was “a visionary,” as Entravision said in its statement, in Spanish-language broadcasting. He co-founded Entravision in 1996, becoming the Chairman and Chief Executive Officer of the Company, roles he held until his passing. Ulloa also served as director and Chairman of Entravision’s Board of Directors since February 2000. From 1976 to 1989, Mr. Ulloa worked at Univision’s West Coast flagship and former Spanish International Network (SIN)-owned KMEX-34 in Los Angeles, holding such roles as Operations Manager, Production Manager, News Director, Local Sales Manager and Account Executive. This was followed by seven successful years in development, management and ownership of Entravision’s predecessor entities.
YOUNG STEPS IN FOR INTERIM LEADERSHIP
With the unexpected passing of Ulloa, Entravision’s board named CFO/Treasurer Chris Young as Interim Chief Executive Officer, effective immediately.
Young took those roles in 2008 and joined Entravision in August 2000 as CFO of the Company’s outdoor advertising division, of which he became President in February 2004 prior to the division’s sale in May 2008.
What’s next? “The Board of Directors will continue to meet to discuss matters related to the orderly transition and is currently conducting a search for a full-time replacement for the role of Chief Executive Officer.”
It also cited Ulloa’s “dynamic leadership,” which has allowed Entravision to assemble “an experienced management team that will continue to drive the company’s long-term growth strategy as we serve our customers, our partners, and our shareholders.”
These leaders include Jeffery Liberman, President and Chief Operating Officer; Chief Revenue Officer Karl Alonso Meyer; Chief Digital, Strategy and Accountability Officer Juan Salvidar; and Angie Balderas, the SVP of Integrated Marketing Solutions at Entravision Communications in Sacramento.
Speaking with RBR+TVBR early Tuesday, Liberman said, “The entire Entravision team has learned so much from Walter and his legacy will continue.”
Stephanie Valencia and Jess Morales Rocketto, the principals of newly created Latino Media Network, said in a statement released Tuesday evening, “We just heard the tragic news of Walter Ulloa’s passing, a true trailblazer in Latino media. He saw the value and promise of the Latino media industry before many others did. His north star was to serve our community and that he did, dedicating his life to that through his career and company at Entravision. Walter’s commitment to this cause has been and will continue to be an inspiration for us. His presence in this world was deeply felt and he will be greatly missed.”
NAB President/CEO Curtis LeGeyt also commented, noting, “Walter Ulloa was an outstanding ambassador for Spanish-language television and radio through his decades of leadership at Entravision. He gave back to his community through service on multiple boards and organizations, including the NAB Leadership Foundation Board of Directors. Our hearts are with Walter’s family and our friends at Entravision during this difficult time.”
With the news of Ulloa’s passing, Entravision shares were down 5.2% to $4.55 in early trading on the NYSE. However, EVC finished the day up 1 cent, to $4.81. EVC went ex-dividend on December 14 and is trading upward from its $3.97 52-week low seen on September 26.
The death of Ulloa comes following the unexpected passing in August 2022 of Saga Communications founder and CEO Ed Christian. Following his passing, Warren Lada was appointed interim President/CEO by Saga’s board of directors. Three months later, the publicly traded company selected SVP/Operations Chris Forgy as President/CEO and Senior VP of Operations.
Additionally, the radio industry lost another CEO recently, when the privately held Midwest Communications experienced the passing of its founder and leader, Duke Wright, in December.
