IRVING, Texas - Nexstar Media Group, Inc. (NASDAQ:NXST) has announced a significant change in its corporate governance structure, declaring that the roles of Chairperson of the Board and Chief Executive Officer (CEO) will be separated. This policy shift is set to take effect following the departure of the company's Founder, Chairman, and CEO Perry Sook.
The company's board believes this change will benefit Nexstar and its shareholders, allowing for a clear distinction between the board's oversight and the company's executive management. The new policy is designed to provide a smooth transition and ensure that qualified individuals can lead in both capacities in the future.
Perry Sook, who founded Nexstar in 1996, has been at the helm as CEO since its inception. Under his leadership, Nexstar has experienced transformative growth, positioning itself as a leading diversified media company and the largest local broadcasting group in America. As of September 30, 2023, Sook is the third-largest shareholder of the company, with approximately 4.6% of its outstanding shares. His current employment agreement with Nexstar extends through March 31, 2026.
This announcement comes amid Nexstar's reporting of over $5 billion in revenue for the twelve months ending September 30, 2023. The company produces and distributes local and national news, sports, and entertainment content across its television and digital platforms, including more than 300,000 hours of programming annually.
The information for this article is based on a press release statement from Nexstar Media Group, Inc.
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