Univision Pres./CEO Joe Uva Exiting
March 14, 2011 at 10:27 AM (PT)
UNIVISION COMMUNICATIONS Pres./CEO JOE UVA has informed the Board of Directors that he has chosen not to renew his employment agreement in order to be able to seek other opportunities.
UNIVISION Executive Chairman HAIM SABAN said, "On behalf of the UNIVISION Board of Directors, we would like to commend JOE for his tremendous contributions over the past four years. UNIVISION is a better company today due to JOE's efforts in building a strong leadership team and positioning Univision for long-term success. UNIVISION's business is strong, and the entire management team remains focused on delivering value to its customers and stakeholders. We wish JOE the best in his future endeavors."
UVA said, "My four years as Pres./CEO of UNIVISION have been extremely exciting and rewarding. I believe our team can be proud of the accomplishments that we achieved during my tenure. Although I will miss working with the many talented professionals at UNIVISION, the team is strong and I have decided the time is right for me to capitalize on other opportunities. I know that UNIVISION will continue its great success as the premier Spanish-language media company in the U.S."
UNIVISION also announced that it will commence a search process for a new CEO immediately. To ensure a smooth transition, SABAN will assume additional responsibilities in his role as Executive Chairman until a new CEO is appointed.
UVA's departure will become effective upon the end of the current term of his employment contract, APRIL 2nd.