Only months after Univision extended his contract, CEO Randy Falco is plotting his retirement by the end of 2018, which comes as the broadcaster is making several other significant changes.
In November 2017, Univision announced Falco’s contract would be extended until 2020. But now Univision Chairman Haim Saban has confirmed that Falco will exit before that time.
“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,” said Saban.
“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.”
News of Falco’s earlier than expected departure comes during the same week that Univision appointed a new chief financial officer and pulled the plug on its initial public offering.
Peter Lori has been named new CFO. Former Univision CFO Frank Lopez-Balboa decided to leave the company in order to pursue other opportunities.
Lopez-Balboa departed just as Univision stepped back from its IPO.
“Univision Holdings, Inc. also announced that, due to prevailing market conditions, it has requested the withdrawal of its Form S-1 on file with the U.S. Securities and Exchange Commission for a proposed initial public offering of shares of its Class A common stock,” the company said.
Univision said it withdrew its IPO application before the SEC declared it effective and before any securities were sold.