NY Times Co. Hires BBC Chief as Next CEO
NEW YORK (AP) - The New York Times Co. named outgoing BBC head Mark Thompson as its next chief executive, saying it valued his record in helping the British broadcaster expand online.
In a statement late Tuesday, Times Chairman Arthur Sulzberger Jr. called Thompson a "gifted executive" and hailed his ability to generate revenue from new types of products. In particular, the Times Co. cited the BBC’s multimedia offerings during the London Olympics.
Thompson replaces Janet Robinson, who resigned as CEO in December. Thompson will move from the U.K. to New York and begin in November. He’ll also join the board of directors.
Stock in the Times Co. increased a penny to $9.10 in after-hours trading following the announcement.
Sulzberger said Thompson, 55, was the ideal candidate to lead the company "when we are highly focused on growing our business through digital and global expansion."
The Times Co., faced with declining ad revenue from its printed editions, has been trying to boost revenue from digital products. Last year, it began charging for online access to The New York Times, the International Herald Tribune and The Boston Globe newspapers.
In the quarter that ended in June, the company had 532,000 digital subscribers at those newspapers. Digital subscriptions helped the company increase overall revenue by nearly 1 percent in the quarter to $515 million.
At the same time, the company is shedding troubled businesses, even if they are online. Last week, it agreed to sell its About.com information service for $270 million following several quarters of slowing revenue.