Frank A. Bennack Jr., who has been Hearst Corp.’s CEO since 1979, will step down in June and will be succeeded by Steven Swartz, who is currently the company’s president and chief operating officer,
the
Los Angeles Times
reported.
Swartz has been with the company since 2001 and became COO in 2011, the article said.
A report in
AdWeek
said, “This is an orderly transition at a private company that's known for its stability and buttoned-up culture…. Swartz will become only the seventh CEO in the 126-year history of Hearst, a company that's had stable leadership against a backdrop of upheaval for the media industry….” Swartz has been groomed for the role, the
AdWeek
report noted.
Bennack will remain vice chairman of Hearst's board, the
LA Times
article said. William R. Hearst III is chairman.
(Source:
Los Angeles Times,
March 27, 2013;
AdWeek,
March 27, 2013.)
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