Elevate your local knowledge
Sign up for the iNFOnews newsletter today!
Postmedia extends CEO Paul Godfrey’s contract by 2 years to Dec. 2020
TORONTO – Postmedia has extended president and CEO Paul Godfrey’s contract by two years.
Godfrey’s contract will end on Dec. 31, 2020. It was set to expire in December 2018.
Chair of the board Rod Phillips said in a statement that the extension is a strong sign of support from the board after the company completed its debt restructuring.
The plan reduced Postmedia’s total debt by about $307 million and annual cash interest expense by about $50 million.
Postmedia has continued to struggle financially following the restructuring and announced late last month it would reduce salary costs by 20 per cent through voluntary staff buyouts and possible layoffs.
Godfrey, 77, has been the only person to serve as Postmedia’s president and CEO since it was formed in July 2010.
News from © The Canadian Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Join the Conversation!
Want to share your thoughts, add context, or connect with others in your community?
You must be logged in to post a comment.
