Hearst CEO Ganzi Exits
June 19, 2008 at 7:29 AM (PT)
THE HEARST CORPORATION Pres./CEO and Director VICTOR F. GANZI has exited the company due to "irreconcilable policy differences with the Board of Trustees (of the HEARST family trust) about the future direction of the company." Former Pres./CEO FRANK A. BENNACK JR. is returning to the role as interim Pres./CEO while the company finds a replacement.
The company and BENNACK issues a statement saying that GANZI "worked diligently to direct Hearst during a critical time, and we are appreciative of his commitment to HEARST's success. We wish him well in his future endeavors." The statement quotes GANZI as saying, "It has been an honor leading this company and working with such talented people throughout the organization over the past 18 years —- and the last six as CEO. Based upon 15 record profit years out of the last 16, HEARST is well-positioned to extend its leadership in the media industry in the future. I will work with the company to ensure an orderly transition of leadership."
HEARST owns two radio properties, Talk WBAL-A and Rock WIYY (98 ROCK)/BALTIMORE.