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Gannett Names New CEO

The newspaper publishing giant taps Craig Dubow as its new chief, effective July 15.

Updated from 7:44 p.m. EDT

Media giant

Gannett

(GCI) - Get Report

named Craig Dubow its new chief executive officer and president, replacing Douglas McCorkindale, who had held the post since 2000.

McCorkindale, who will retain his position as Gannett's chairman until 2006, was originally expected to step down as CEO last year.

Dubow, who will take the reins July 15, is a 24-year company veteran, most recently serving as CEO and president of Gannett's broadcasting division. At 50, Dubow is 15 years younger than the CEO he is succeeding.

Gannett didn't explain why it was tapping an executive from one of its smaller subsidiaries. Only 11% of Gannett's 2004 revenue came from broadcasting, with 83% coming from newspapers and the rest from other lines of business. Gannett's newspaper unit is headed by Gary Watson, 59.

In the past, Gannett had seemed to value Watson more, paying him a salary of $740,000, which was considerably larger than Dubow's $550,000 salary. McCorkindale pulled in $1.6 million. However, Dubow's broadcasting division saw revenue grow 14% last year while expenses rose by 8%; meanwhile, Watson's newspaper unit grew revenue by 9% and expenses by 11%.

"Two years ago the board asked me to continue with Gannett in part to complete the selection process for our new chief executive," McCorkindale said in a statement. "With Craig Dubow's election, this important duty has been successfully fulfilled. The succession process was very thorough and it has paid off with exactly the right decision for Gannett's future."

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Among Gannett's print publications are

USA Today

,

The Detroit News

,

The Arizona Republic

and

Army Times

. The company's broadcast affiliates are in such cities as Denver, Atlanta and Washington, D.C.

Succeeding Dubow in his old slot is Roger Ogden, who has been the general manager of Gannett's Denver affiliate station.