Univision has confirmed that CEO Randy Falco is retiring from his role as president and chief executive officer, and that Vincent Sadusky, former CEO of Media General, will take over.
Sadusky is starting as CEO on June 1 and Falco will stay on through 2018 as an adviser to assist with the transition.
“Over the last eight years, Randy has led the transformation of UCI into a modern media organization with a diverse portfolio of assets, sterling brands and content that audiences and marketers want, backed by strong earnings growth, a significantly improved balance sheet and a team of motivated and purpose-driven employees,” said Univision Chairman Haim Saban in a statement. “Randy has always recognized and embraced Univision as an incredibly unique company with a mission and vision that goes well beyond traditional media. On behalf of the entire Board, I want to thank Randy for his leadership, commitment and partnership, and congratulate him on his retirement.”
Sadusky comes over from Media General where he served as CEO from 2014 until 2017 when Media General was acquired by Nexstar. Before that he was president and CEO of LIN Media and chief financial officer for Telemundo.
Falco’s exit from the Univision CEO office is coming sooner than expect. Earlier this year, Saban said that Falco would be retiring at the end of 2018.
“There are multiple rumors out there and on behalf of the Univision Board I would like to set the record straight about our CEO Randy Falco. Recently, Randy came to us and told us that he would like to retire at the end of 2018 when he will turn 65 years old and end an outstanding 8-year tenure as the CEO of Univision,” Saban said.
“Let me be clear we at the Board of Univision have reluctantly agreed to Randy’s wishes out of respect and the high regard we have for him as a partner,” Saban continued. “During his time as CEO he has modernized the Univision organization, grown earnings and reduced debt at record levels and we could not be more pleased with his performance. We have asked Randy to work with us over the next year in restructuring the company and consult with the board on a transition to new leadership.”