Updated at 4:35pm Eastern
The company formerly known as Gannett some 14 months ago was expected to see Deb McDermott take on the role of Chief Executive Officer. That didn’t happen. Now, TEGNA has announced that, in just under two months, it will be welcoming the arrival of a NBCU and Google ad executive to succeed Dave Lougee. He’s retiring.
As RBR+TVBR first shared via a Breaking News e-mail on June 17, Lougee, who is 65 years of age, will relinquish his role as President/CEO and as a company director on August 12. He will still be involved with the company, however, as a Senior Advisor.
Taking on the top role at TEGNA, which trades on the NYSE, is Mike Steib.
The 48-year old is CEO of Artsy, which describes itself as “the world’s largest online platform for discovering and collecting art.”
Prior to that, Steib served as President and CEO of XO Group, parent company of popular wedding-themed online portal The Knot. But, before that, Steib spent a decade in executive positions at NBCUniversal and Google, where he launched, scaled, and acquired ad-supported businesses.
“Steib has a track record of developing high-performing teams that build industry-defining products and brands and deliver extraordinary shareholder returns,” TEGNA said in a press release distributed early Monday.
Steib is also a published author and has hosted a podcast on leadership and professional development.
TEGNA’s Chairman of the Board, Howard Elias, said, “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. Over the past year, the Board has engaged in a thoughtful and comprehensive succession process to identify TEGNA’s future leadership. We are fortunate that Mike Steib will be Dave’s successor working with a top-notch team.”
Elias added that, in his view, Steib “is a dynamic executive with technology and digital savvy, a passion for local journalism, deep advertising and media experience, a history of developing high performance teams, and a track record of successfully building businesses and driving business model transformation. We are confident he has the broad skill set that will be necessary to chart TEGNA’s future at a time of unprecedented change in our industry.”
Steib commented, “I believe deeply in the power of local news to connect our communities and strengthen our democracy. And I am excited about the many opportunities to leverage technology to enhance this service and generate substantial value for shareholders. With strong operations in more than 50 key markets across America, a history of exceptional journalism, strong cash flow, and a talented and passionate team, TEGNA is incredibly well positioned to seize this moment and build a bright future for local news and community in our country.”
Lougee, who has held the role of TEGNA President/CEO and its predecessor since August 2007, said, “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.”
Lougee served as EVP/Media Operations at Belo Corp. from December 2004 until taking the TEGNA role. Before that, he was in Seattle, as President/GM of KING & KONG Television and its Nortwest Cable News operation.
Lougee’s retirement wasn’t a surprise. Until April 2023, he was expected to depart TEGNA, with McDermott stepping in to the role following Standard General’s acquisition of the company with financial assistance from non-voting equity holder Apollo Global Management. That fiscal structure presented a litany of questions to the FCC’s Media Bureau, which placed a Hearing Designation Order on the proposed transaction. Standard General head Soohyung Kim proceeded to engage in a campaign that included media appearances to try to convince the Commission that, as a minority, he had everything lined up perfectly to move forward with a deal that passed muster with regulatory guidelines.
The FCC didn’t budge, holding its HDO in place; on May 22, the deadline for closing the TEGNA transaction passed, with a non-consummation transpiring. TEGNA soldiered on, and immediately announced a $300 million accelerated share repurchase (or “ASR”) program. Furthermore, the TEGNA board approved a 20% increase in its quarterly dividend.
TEGNA Adds Two New Independent Directors
TEGNA’s Board of Directors, as part of what the company calls “its regular refreshment process,” has appointed two new independent Directors.
Catherine Dunleavy, a senior finance and media executive who formerly served as President of Away; and Denmark West, who heads Market Intelligence and Strategic Engagements at X, The Moonshot Factory, a division of Alphabet, will join the Board on July 1, 2024.
Dunleavy spent 16 years at NBCUniversal, where she served in numerous roles, including Chief Financial Officer of the Cable Entertainment Group and Executive Vice President, Content Distribution.
West spent seven years at Viacom, including as President of Digital Media at BET Networks and Executive Vice President and Chief of Operations at MTV Networks (now Viacom Media Networks). Earlier in his career, he spent six years at Microsoft in strategy and corporate development roles.
