(Updates with company comment in second paragraph.)
Oct. 6 (Bloomberg) -- Gannett Co., publisher of newspapers including USA Today, promoted Gracia Martore to chief executive officer after Craig Dubow resigned for medical reasons.
Martore, 60, has been president and chief operating officer at the company, and had overseen Dubow’s duties during his recent leave of absence, which was announced on Sept. 15.
Dubow, 56, in recent years had hip and back surgery and has continued to experience chronic related issues, according to Robin Pence, a company spokeswoman. Dubow, who had been the company’s CEO since 2005, took a four-month leave of absence in 2009 following back surgery.
As the newspaper industry has struggled and advertising has dropped amid the economic decline, Dubow cut costs at McLean, Virginia-based Gannett, which owns 23 television stations and 82 newspapers including USA Today. Revenue declined in each of the past four years, for a 32 percent drop to $5.44 billion in 2010. In June, the company cut 700 jobs at its community-newspaper group.
Marjorie Magner, 62, a managing director at New York-based private-equity firm Brysam Global Partners and an independent director on the company’s board since 2006, was named to replace Dubow as chairman of the board.
Gannett fell 1 cent to $10.45 on the New York Stock Exchange. Dubow’s resignation was announced after the market had closed. The stock has dropped 31 percent this year.
--Editors: Niamh Ring, Romaine Bostick
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