RICHMOND, Va., Aug. 22, 2012 /PRNewswire/ -- Media General, Inc. (NYSE:MEG) said today that the board of directors announced that company president and chief executive officer Marshall N. Morton, 66, plans to retire at the end of this year after 23 years of outstanding service to the company. The board also announced that it has elected George L. Mahoney, 60, vice president-growth and performance, to succeed Mr. Morton, effective January 1, 2013. In the interim, Mr. Mahoney will serve as vice president, chief operating officer. J. Stewart Bryan III, chairman of the Media General board, said, "Marshall joined Media General as chief financial officer in 1989. In his early years, we refocused Media General on its core strengths of local news, excellent journalism and southeastern markets. As president, he guided Media General through unprecedented change in the media industry and a severe economic downturn. I thank Marshall for his innumerable contributions to Media General, and I wish him and his wife, Caroline, all the best in retirement," said Mr. Bryan. "George has served with distinction in all his roles since joining Media General in 1993. As a strong company leader with deep media industry experience, he is the right person to lead the company forward as a pure television broadcaster with long-term financing arrangements that provide flexibility for future growth," said Mr. Bryan. Mr. Morton said, "I have worked closely with the board to plan for the best management succession at Media General. I'm delighted that the board elected George to succeed me. He has the experience, talent and energy to lead Media General to new successes, and I look forward to assisting in a smooth transition," said Mr. Morton. As vice president-growth and performance, Mr. Mahoney has been responsible for Media General's digital media and mobile operations, including content initiatives that attract new audiences to all of the company's platforms and programs to create new revenue streams. He also has been responsible for central broadcast television operations, including master control, traffic and graphics. Mr. Mahoney joined Media General in 1993 as general counsel and corporate secretary and was elected a corporate vice president in 2006. As general counsel, he was deeply involved in all regulatory, legislative, other legal and operating matters related to the company's television stations. He has played an integral role in the company's broadcast acquisitions. He served the board of directors as corporate secretary for 18 years. Since 2009, Mr. Mahoney also has led the company's innovation process, which engages employees in new product development.