Lee Enterprises to Nominate Two New Independent Directors for Election at 2020 Annual Meeting
October 31 2019 - 4:40PM
Lee Enterprises, Incorporated (NYSE: LEE) (the “Company”), a
leading provider of high quality, trusted, local news, information
and a major platform for advertising in 50 markets, announced that
its Board of Directors will be nominating two new independent
candidates for election to Lee’s Board of Directors at the
Company’s 2020 Annual Meeting of Shareholders. The director
nominees are Steven Fletcher, Chief Executive Officer of Explorer
Parent LLC, and David Pearson, Chief Financial Officer of Vonage
(NYSE: VG).
Megan Liberman, who was appointed to Lee’s Board in June 2019,
and current director Brent Magid will join Mr. Fletcher and Mr.
Pearson as the four nominees for election at the 2020 Annual
Meeting. Ms. Liberman is Senior Vice President, News, Talk
& Entertainment, Sirius XM and formerly served as Vice
President, Yahoo, and Editor-in-Chief, Yahoo News Group, and as
former Deputy News Director, Digital Development, The New York
Times. Mr. Magid is Chairman and President of Frank N. Magid
Associates, a research-based strategy consulting company, and
formerly worked in the entertainment group of JP Morgan Chase &
Co.
Long-term directors Nancy Donovan and Leonard Elmore will be
retiring from the Board upon the completion of their terms at the
meeting and will not stand for re-election. Ms. Donovan is
Founding Partner of private equity firms Circle Financial Group,
LLC and Oakmont Partners, LLC. Mr. Elmore is Senior Lecturer
in Sports Management at Columbia University, a commissioner on the
John and James L. Knight Foundation’s Knight Commission on
Intercollegiate Athletics, and former Chief Executive Officer of
iHoops.
Mary E. Junck, Chairman of Lee Enterprises, said, “On behalf of
the Board, I extend deep thanks and gratitude to Nancy and Leonard,
who have contributed so much to Lee’s growth and success as we
repositioned the Company in a rapidly evolving media
industry. We wish them all the best in the future.”
Mr. Fletcher, 51, is currently Chief Executive Officer of
technology company Explorer Parent LLC, an Advisor to ChaSerg
Technology Acquisition Corp. (NASDAQ: CTAC) and an Independent
Director at atVenu, a leading live event commerce platform, where
he is a member of the Audit and Compensation Committees. Mr.
Pearson, 54, has been Chief Financial Officer of Vonage since 2013,
where he oversees the Finance and Investor Relations
organizations. He previously held investment banking
positions at Deutsche Bank Securities and Goldman, Sachs & Co.
focused on Technology, Media & Telecom (TMT).
Ms. Junck added: “We are delighted to be nominating Steven and
David to the Board. Their experience in technology, media and
finance will be highly valuable as we continue to focus on
delivering growth and shareholder value in the digital media
environment. Combined with the addition of digital media
expert Megan Liberman in June, these board nominations underscore
Lee’s commitment to board refreshment and strong governance.”
Additionally, Lee announced that long-term directors Richard
Cole and William Mayer have advised the Board of their expected
retirements at the completion of their current terms in 2021.
Dr. Cole was dean of the School of Journalism and Mass
Communication at the University of North Carolina for many
years. Mr. Mayer is Founding Partner, Park Avenue Equity
Partners, L.P.
2019 Corporate Governance EnhancementsLee is
committed to strong corporate governance practices. In June
2019, the Company announced enhancements to further increase the
Board’s effectiveness and accountability to shareholders,
including:
- A majority voting standard for the election of directors in
uncontested elections;
- Proxy access, providing shareholders who satisfy the
requirements specified in the amended bylaws the ability to include
their own nominees in the Company’s proxy statement; and
- Substantially more time for shareholders to submit proposals
and director nominations for consideration at annual meetings.
Background on Steven FletcherFrom 2003 to 2018,
Mr. Fletcher was a Managing Director, Co-Head of the Digital Media
Group and Head of the Software Group at GCA Savvian, a global
investment bank. He was also a member of the firm’s
Management Committee. From 1994 until 2002, Mr. Fletcher
worked at Goldman, Sachs & Co., where he held a number of
leadership roles including Head of the Private Placement Group,
Head of the IT Services sector and Co-Head of the Hardware,
Storage, EMS and Internet Infrastructure sectors. He began
his career at Deloitte & Touche as a CPA. Mr. Fletcher
received a B.A. in Economics from UCLA and an M.B.A. from the
Wharton School of the University of Pennsylvania.
Background on David PearsonMr. Pearson has been
Chief Financial Officer of Vonage Corp. since 2013. From 2004
to 2013, Mr. Pearson worked at Deutsche Bank Securities as a
Managing Director and the Global Media & Telecom Group
Head. Mr. Pearson also worked at Goldman, Sachs & Co. for
nine years, leaving as a Managing Director in the firm’s TMT
practice. He began his career at Coopers & Lybrand and
holds an M.B.A. from Harvard Business School and his A.B. in
Political Science and Organizational Behavior/Management from Brown
University.
ABOUT LEELee Enterprises is a leading provider
of local news and information, and a major platform for
advertising, with daily newspapers, rapidly growing digital
products and nearly 300 weekly and specialty publications serving
50 markets in 20 states. Year to date, Lee's newspapers have
average circulation of 0.7 million daily and 1.0 million Sunday,
and are estimated to reach almost three million readers in print
alone. Lee's markets include St. Louis, MO; Lincoln, NE; Madison,
WI; Davenport, IA; Billings, MT; Bloomington, IL; and Tucson, AZ.
Lee Common Stock is traded on the New York Stock Exchange under the
symbol LEE. For more information about Lee, please visit
www.lee.net.
ContactCharles Arms Charles.Arms@lee.net(563)
383-2100
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