McClatchy shareholders eye success
- Published on 05/17/2012 - 1:18 pm
- Written by Business Journal Staff
The McClatchy Company shareholders on May 17 elected 11 directors to one-year terms, ratified the appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm for 2012 and approved the company's 2012 Omnibus Incentive Plan.
Patrick J. Talamantes, McClatchy’s new president and chief executive officer, said the parent company of the Sacramento and Fresno Bee newspapers will stick to its strategic plan to drive new revenue, primarily through investments in digital products and coverage of local news, growing its audience, producing high-quality journalism, permanently reducing costs and continuing to pay down debt.
Talamantes reviewed the company’s digital success noting that McClatchy has grown its business through digital investments and continues to pursue and develop new digital products and offerings. “The biggest driver of our digital business, which is digital-only advertosing, remained strong, up 14 percent in the first quarter of 2012,” Talamantes said. “Total digital advertising was up 2.7 percent in the first quarter of 2012, representing 22 percent of our total advertising revenue – among the highest percentages in the industry.”
Talamantes also thanked Gary Pruitt, McClatchy’s outgoing CEO, for his years of service to the company.
Shareholders re-elected Elizabeth Ballantine, Kathleen Foley Feldstein and S. Donley Ritchey as Class A directors. Leroy Barnes, Molly Maloney Evangelisti, Brown McClatchy Maloney, Kevin S. McClatchy, William McClatchy, Theodore R. Mitchell and Frederick R. Ruiz were re-elected as Class B directors and Talamantes was elected as a new Class B director. Talamantes replaces Pruitt as a Class B director due to Pruitt's previously announced resignation as chairman, president and chief executive.
Kevin S. McClatchy, a director of McClatchy since 1998 and a fifth-generation member of the founding McClatchy family, became chairman of the board effective May 17.