Paul Bascobert is out as Gannett Media Corporation CEO, Gannett’s operating company. Michael Reed, Gannett’s chairman and CEO, has assumed Bascobert’s responsibilities, but there is no plan to search for a new Gannett Media CEO.
The company released a statement Thursday saying that it “has decided to streamline the operating structure” by eliminating the CEO position and Bascobert would be stepping down. The statement noted that his termination was voluntary, “not the result of any inappropriate action” or violation of policy.
In a statement, Bascobert said, “I am proud of the progress Gannett has made in bringing together two great media companies. It is a terrific team with a bright future. I remain committed to the importance of journalism in our country and wish nothing but great success for Gannett.”
Reed also released a statement: “The Board and I would like to thank Paul for his contributions during such an important period for our Company. Paul made a significant impact, helping to integrate the two companies, navigate through this current pandemic and lay the groundwork for our revenue transformation. The Board remains committed to our plans for continued integration and transformation.”
At the end of March, Bascobert announced to employees that because of the economic toll of the coronavirus, Gannett was cutting pay and implementing furloughs for journalists at newspapers throughout its national media company, which includes the USA Today network.