On Tuesday, August 8, a change in command at The E.W. Scripps Co. will formally take place.
That’s when Rich Boehne will step aside as CEO of the broadcast media company, which owns TV and radio stations. Boehne will continue as the company Chairman.
Who’s taking the role of President/CEO?
Adam Symson will assume that role, as the Scripps board of directors on Monday set that August date as the time for transition at the company.
Symson has served as Scripps’ COO since November, overseeing day-to-day operations of the company’s broadcast TV, digital media and radio divisions. He joined Scripps in 2002 and has held a variety of roles in the television and interactive divisions before being tapped to lead digital operations in 2011.
“Adam is a terrific leader, motivated by an entrepreneurial drive and a mission-driven commitment to enterprise journalism,” said Boehne. “He steps up to the new role determined to continue — and accelerate — the success of this adventurous 140-year-old company.”
Boehne, 61, who began his career as a newspaper reporter, has played a significant role in the growth and evolution of Scripps over the past 29 years. He joined the Scripps corporate staff in 1988 as Scripps was preparing to become a publicly traded company in a period of dramatic growth and transition for the enterprise.
He worked to re-position Scripps, both internally and externally, to build support for the launch of Home & Garden Television, the brainchild of his friend and Scripps colleague Ken Lowe, and the acquisition soon after of Food Network.
SALARY, CONTRACT TERMS RELEASED
As Scripps’ President/CEO, Symson has a new employment agreement with the company that sees him under contract for a three-year term, with successive automatic annual renewals—unless either party gives written notice least 180 days prior the expiration of the term. The employment agreement will also be extended for two years in the event of a change in control of Scripps.
What’s he worth to Scripps?
Symson will receive an annual base salary of at least $880,000, and he will have a “target” annual incentive opportunity of at least 95% of his annual base salary for the portion of fiscal 2017.
He will be entitled to a “target” long-term incentive program opportunity of at least $1.4 million for fiscal 2018.
Symson will also be entitled to reimbursement of approved financial planning services (limited to no more than $15,000 per year), dues for one business club and the cost of an annual senior executive physical examination, as well as a one-time reimbursement of up to $20,000 of attorney’s fees incurred in connection with the negotiation of the employment agreement.