DALLAS — Nexstar Media Group, following Monday’s Closing Bell on the Nasdaq market, revealed that its Board of Directors has adopted a policy regarding the roles of Chairperson of the Board of Directors and Chief Executive Officer.
But, this policy isn’t about to change until the founder of the nation’s No. 1 owner of television stations leaves his role.
The new rule doesn’t take effect until Chairman/CEO Perry Sook exits both Nexstar and the board.
And, that’s not expected for at least two more years, as Sook’s employment agreement with the company he started nearly three decades ago runs through March 31, 2026.
Should Sook exit then, at a later day, or for some unexpected reason before that time, Nexstar’s board chair and CEO must be different individuals.
Sook is the No. 3 shareholder in Nexstar, and holds approximately 4.6% of its outstanding shares. With Monday’s Closing Bell on the Nasdaq, “NXST” finished at $170.91, down 66 cents on a day when many companies were in the red.
“The Board believes the adoption of this policy is in the best interests of the
Company and its shareholders, as the new policy does not interfere with Mr. Sook’s continued leadership of Nexstar and the benefits he brings to the company, while establishing a plan that provides a runway for the most qualified individuals to serve as Chief Executive Officer and Chairperson in the future,” Nexstar explains.
Sook founded Nexstar Media Group with the purchase of a Scranton-Wilkes Barre TV station in 1996 and has served as CEO ever since.
