Television broadcaster TEGNA says its long-time CEO David Lougee will be retiring in August.
Lougee has served as TEGNA’s CEO since 2017 after a decade-long career as president of TEGNA Media, overseeing various mergers and acquisitions involving the company, including its takeover of Belo Corporation and London Broadcasting.
Lougee will retire in August, at which point he will become a senior advisor to the company.
Assuming the role from Lougee is Michael Steib, currently the CEO of Artsy, who has served in executive roles at NBC Universal and Google in the past. At both companies, Steib oversaw the development and launch of various advertising-related business units. Artsy, where he currently works, is an online platform for selling art.
“Dave has had a great run at TEGNA,” Howard Elias, the Chairman of TEGNA’s Board of Directors, said in a statement. “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.”
“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,” Steib said on Monday. “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.”
“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,” Lougee said. “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.”
In addition to the CEO shuffle, TEGNA said it was appointing two new independent directors to its board. Catherine Dunleavy joins from Away, while Denmark West oversaw strategic engagements and market intelligence at X, the social platform formerly known as Twitter.
