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New York Times CEO exiting, without explanation

Paul Thomasch and Jennifer Saba Reuters 12/16/2011 18:51
New York Times CEO exiting, without explanation - New York Times - media - Business - management - USA

Janet Robinson will step down as chief executive of the New York Times Co at the end of the month, as the company continues to struggle with advertising declines and a years-long slump in its share price.

The problems plaguing newspaper companies are well known. Readers have ditched print for digital, causing circulation and advertising revenue to plummet. Newspaper company Lee Enterprises last week succumbed to industry changes and filed for bankruptcy protection.

Robinson, who steered the company through one of the harshest business environments it has ever faced, underscored the struggle her company faces during a presentation at the recent UBS investor conference in New York.

She said that fourth-quarter advertising revenue is expected to "improve slightly" from the previous quarter's 9 percent decline, putting a positive spin on yet another quarter of decreasing ad dollars.

The New York Times Co, which in addition to its flagship paper publishes The Boston Globe and the International Herald Tribune, among others, will begin a search for internal and external candidates to replace Robinson, 61.

Until then, publisher Arthur Sulzberger Jr. will oversee the company, the Times said in a statement announcing Robinson's planned retirement.