logo
Plus   Neg
Share
Email

McClatchy CEO Gary Pruitt To Become AP Chief Executive - Update

Newspaper firm McClatchy Co.'s (MNI) chairman, president and chief executive Gary Pruitt would leave the company on May 16 to become president and chief executive of The Associated Press, or AP, McClatchy said late Wednesday.

Pruitt, 54, will be succeeded by Patrick Talamantes, McClatchy's vice president, finance and CFO. Talamantes, 47, will assume the title of president and CEO and join the company's Board of Directors. He becomes just the seventh CEO in the 155-year history of the company.

Kevin McClatchy, a director of the company since 1998 and a fifth-generation member of the founding McClatchy family, will become chairman of the Board.

Kevin McClatchy is a former managing general partner and chief executive of the Pittsburgh Pirates. He has also served on Major League Baseball's Executive Council. Before his executive career in baseball, McClatchy spent almost a decade working in the newspaper business. He will be the first member of the family since 1995 to serve as Board chairman.

Pruitt joined McClatchy in 1984 as general counsel. He had a key role in taking the company public in 1988 and in the acquisitions of several newspapers. Pruitt became president in 1995, CEO in 1996 and chairman in 2001.

"I've been a McClatchy employee for 28 years and CEO for the last 16 years. It's been one of the most rewarding experiences of my life, and I never anticipated leaving before retirement. I just felt I couldn't pass up this opportunity to lead The Associated Press, one of the world's largest and most trusted news organizations, at such an exciting and pivotal time," Pruitt said.

Kevin McClatchy said on Pruitt, "The Associated Press is lucky to have him, and we wish Gary all the best in his adventures ahead."

Talamantes joined McClatchy in April 2001 as vice president, finance and CFO. Apart from financial operations, Talamantes also managed the company's real estate holdings and information technology. In June 2011, Talamantes assumed additional oversight of McClatchy's Florida operations, including The Miami Herald, the Spanish-language El Nuevo Herald and the Bradenton Herald newspapers.

Prior to joining McClatchy, Talamantes worked for Sinclair Broadcast Group, a television broadcasting company, from 1996 to 2001 and served the last two years as CFO. From 1995 to 1996, Talamantes was treasurer of River City Broadcasting in St. Louis.

MNI closed on Wednesday at $2.94, down $0.01, on a volume of 200,990 shares.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Walmart is ditching its dress code policy and is testing a new dress code that will allows "associates" to wear blue denim and shirts of any solid color. The updated dress coded guidelines now allow employees to wear blue "jeggings" and blue jeans and shirts of any solid color, according to a Walmart... Canadian investment firm Fairfax Financial Holdings Ltd. has submitted a "stalking horse" bid worth C$300 million, or $237 million, for the Canadian unit of Toys "R" Us, according to court documents. A stalking horse bid is an initial bid on the assets of a bankrupt company. The bankrupt company will choose an entity from a pool of bidders who will make the first bid on its assets. The car rental market in the U.S. is consolidating as large car rental companies are buying smaller, local companies to expand their portfolio of premium and value brands. The key players in the U.S. market include Enterprise Holdings, Hertz Global Holding and Avis Budget Group. Let's take a look at some of the best and worst car rental companies in the U.S.
Follow RTT