Paul Godfrey is stepping down as chief executive officer of Postmedia Network and will be replaced by Andrew MacLeod, the company announced Thursday.
Godfrey remains as executive chair, serving as a member of the senior management team and advisor to MacLeod.
“It is with tremendous confidence that I recommended to the Board of Directors that the timing is right for Andrew MacLeod to take on the Chief Executive Officer position at Postmedia continuing the succession plan that included his appointment to president and Chief Operating Officer in October, 2017,” Godfrey said in a statement.
“Over the past 15 months, since taking on the role of president, Andrew has championed a strategy that has delivered continued growth in new revenues and successful structural transformation that will continue to put Postmedia on a strong footing at a critical time for the industry.”
The announcement came as the owner of the National Post and other Canadian newspapers announced a $1.4 million net loss for the quarter ended Nov. 30.
Revenue for the Toronto-based publishing group fell to $171.3 million from just under $189 million a year earlier, when Postmedia reported a profit of $5.8 million with the assistance from gains on asset sales.
MacLeod will have direct responsibility for all aspects of Postmedia’s operations including more than 140 brands across multiple media platforms.
“I am grateful to Paul Godfrey and Postmedia’s Board of Directors for their confidence and ongoing support,” MacLeod said in a statement. “Paul has led this company since its inception through tremendous change and important strategic initiatives and Postmedia will continue to benefit from his industry insight as we move forward. Looking ahead, we remain committed to accelerating our two-pronged strategy — to extend the legacy runway and grow new digital revenue as we continue to face a disrupted media ecosystem head on. We have exceptional teams in place, dedicated to the future of Postmedia and I am proud to work alongside them to deliver on our aggressive targets, together.”
With files from The Canadian Press
More to come.