Gannett eliminates operating CEO position
Gannett Co. Inc.'s board of directors is eliminating the CEO position of its operating company as a part of measures to streamline the Virginia-based media company's structure, the firm said Thursday.
Paul Bascobert as a result is leaving the company. His departure is not the result of any inappropriate action, any violation of company policy, any accounting irregularity or any material deterioration in the business, the company said in a statement.
The Detroit Free Press is owned by Gannett, which has a partnership with MediaNews Group, owner of the The Detroit News, to combine business operations of the two newspapers. The newsrooms remain separately owned and independent.
Gannett chairman and CEO Michael Reed has assumed Bascobert's responsibilities as head of Gannett Media Corp. Reed formerly was the CEO of GateHouse Media Inc. before it merged with Gannett in 2019.