Publicly held media and marketing services company, Meredith Corporation, announced the election of Steve Lacy to serve as executive chairman of its Board of Directors. The company also announced the election of Tom Harty to serve as president and chief executive officer. Both elections are effective as of the start of this month. Before this move, Lacy served as chairman and chief executive officer while Harty served as president and chief operating officer.
In their new roles, Lacy and Harty are expected to work together to set forth a strategic agenda for Meredith Corporation. They will also lead the activities of the board as well as represent the company within the financial and investment communities as well as media industry associations. Harty specifically will continue to direct the National and Local Media Groups of Meredith as well as the integration of Time Inc.’s acquisitions. Along with current financial and general counsel executives within the company, Harty will add to his plate responsibility of the company’s legal and financial aspects.
In 2017, Meredith added to its already massively strong portfolio of media properties by acquiring Time Inc. Acquiring Time Inc., made for a media conglomerate of over $2.7 billion in advertising revenue and $4.8 billion in total revenues. Lacy said at the time in a statement, “We are creating a premier media company serving nearly 200 million American consumers across industry-leading digital, television, print, video, mobile, and social platforms positioned for growth.”
In a statement about the new appointments, Mell Meredith, Vice Chairwoman of Meredith’s Board of Directors, said, “This is a pivotal time for Meredith Corporation and our Board believes we have the right leadership team and a well-defined plan to successfully integrate the Time Inc. acquisition and increase shareholder value. Steve and Tom have outstanding track records of achieving acquisition goals and growing Total Shareholder Return over time – and together with the best employees in the media industry – I am extremely confident in their ability to deliver for all our stakeholders, including consumers, advertisers, investors and employees alike.”
Lacy, who joined Meredith in 1998 and was instrumental in transforming the multiplatform company into the powerhouse it is today said, “I look forward to working closely with Tom as we create an even more powerful media and marketing company. These new roles are the next phase in a well-planned succession process that began when Tom was promoted to President and COO in 2016. He has done an excellent job leading our operating groups, including a major role in our acquisition of Time Inc.”
Harty, who joined Meredith 6 years later in 2004 and helped to expand the company’s media portfolio, said of new elections, “I’m excited to lead the best team in the media and marketing industry. Here at Meredith, we are well-known for a collaborative culture that is highly effective in the marketplace. With our tremendous media portfolio – bolstered by the acquisition of the Time Inc. brands – we are extremely well-positioned to continue expanding our connection to consumers and helping advertisers who want to reach them.”
