Meredith’s board has appointed current COO Tom Harty as the company’s new CEO, beginning Feb. 1, 2018. Current CEO Steve Lacy will shift into the role of executive chairman.
According to the company, Lacy will work with Harty to determine Meredith's strategic agenda. Lacy will still represent Meredith to the investment and financial communities while taking on a bigger role in media industry association activities and legislative initiatives.
Harty will will continue to lead Meredith's National and Local Media Groups, and direct the integration of the Time Inc. acquisition. He will add responsibility for Meredith's Finance and Legal functions, which are led by Chief Financial Officer Joe Ceryanec and Chief Development Officer & General Counsel John Zieser, respectively, according to a news release.
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Meredith's Local Media Group includes 17 television stations reaching 11% of U.S. households.
"This is a pivotal time for Meredith Corporation and our Board believes we have the right leadership team and a well-defined plan to successfully integrate the Time Inc. acquisition and increase shareholder value," said Mell Meredith, vice chair of the Meredith Board of Directors, in a statement. "Steve and Tom have outstanding track records of achieving acquisition goals and growing Total Shareholder Return over time—and together with the best employees in the media industry—I am extremely confident in their ability to deliver for all our stakeholders, including consumers, advertisers, investors and employees alike."
"I'm excited to lead the best team in the media and marketing industry," said Harty in a statement. "Here at Meredith, we are well-known for a collaborative culture that is highly effective in the marketplace. With our tremendous media portfolio—bolstered by the acquisition of the Time Inc. brands—we are extremely well-positioned to continue expanding our connection to consumers and helping advertisers who want to reach them."
Lacy joined Meredith in 1998 as chief financial officer. Harty joined Meredith in 2004 as its chief revenue officer and president of Consumer Magazines.