McLean-based Gannett Co., Inc. (NYSE: GCI) reported Craig A. Dubow, chairman and chief executive officer, will officially resign his post due to disability from a debilitating medical condition. The 30-year veteran previously announced September 15 that he would take a leave of absence.
Dubow will be replaced by Marjorie Magner and Gracia Martore who will become chairman and CEO respectively.
The company has struggled in recent years due to dwindling print advertising revenue, the situation was exacerbated in 2008 with the economic downturn; that year the company reported an over $6.6 Billion loss.
Gannett was one of the few local stock down at the end of Thursday trading. The stock was down $-0.01 cent to $10.45 a share. The stock is close to its 52-week low of $8.28, the 52-week high was $18.93. Gannet's current market value is approximately $2.52 Billion.