DAVENPORT, Iowa - Lee Enterprises, Incorporated (NASDAQ:LEE), a prominent digital-first subscription platform, announced the appointment of Les Ottolenghi to the newly created role of Chief Transformation and Commercial Officer. This strategic move aims to bolster the company's digital growth and market presence.
Ottolenghi, a seasoned executive with over 25 years of experience in technology and cybersecurity, has held leadership roles in both large public corporations and high-growth technology startups. His expertise spans digital transformation, artificial intelligence, e-commerce, and cybersecurity.
According to Kevin Mowbray, President and CEO of Lee Enterprises, Ottolenghi's addition is expected to help the company exceed its five-year goals as part of its Three-Pillar Growth Strategy. This strategy focuses on expanding the subscriber base, increasing annualized recurring revenue, and diversifying revenue streams.
Ottolenghi will be responsible for modernizing the company's IT infrastructure and spearheading initiatives that accelerate Lee's digital transformation. He will also report on cybersecurity and artificial intelligence implications to the board of directors and its audit committee.
His previous roles include high-level positions at Stride Inc (NYSE:LRN)., Caesars (NASDAQ:CZR) Entertainment Corp., Las Vegas Sands (NYSE:LVS) Corp., and Carlson Wagonlit Travel, Inc. Ottolenghi has been recognized for his contributions to the industry, earning accolades such as Chief Information Officer of the year by various organizations.
Lee Enterprises serves 73 markets in 26 states, providing high-quality local news, information, and marketing services. The company's portfolio includes daily newspapers, digital products, and nearly 350 weekly and specialty publications. With Ottolenghi's appointment, Lee Enterprises reaffirms its commitment to digital leadership in the media industry.
This executive appointment is based on a press release statement from Lee Enterprises.
InvestingPro Insights
As Lee Enterprises (NASDAQ:LEE) reinforces its digital-first strategy with the appointment of Les Ottolenghi, the company's financial health and growth prospects come into focus. According to InvestingPro data, Lee Enterprises operates with a significant debt burden, which is a critical factor to consider when assessing the company's ability to invest in digital transformation initiatives.
On the positive side, Lee Enterprises has demonstrated a strong return over the last three months, indicating that investors may be optimistic about the company's growth trajectory. This momentum is further supported by analysts' predictions that Lee Enterprises will be profitable this year, as per InvestingPro Tips. This expected return to profitability could be a testament to the effectiveness of the company's Three-Pillar Growth Strategy and the potential impact of Ottolenghi's expertise on accelerating digital growth.
In terms of shareholder rewards, it's important to note that Lee Enterprises does not pay a dividend to shareholders. However, the company does exhibit a high shareholder yield, which could be attractive to investors looking for capital appreciation.
For those interested in a deeper dive into Lee Enterprises' prospects, InvestingPro offers additional insights. There are currently six more InvestingPro Tips available, which can help investors gauge the company's performance and potential. To access these tips and more comprehensive data, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at https://www.investing.com/pro/LEE.
InvestingPro Data Metrics:
- Significant debt burden
- Strong return over the last three months
- Analysts predict profitability this year
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