8-K: Gannett Appoints Trisha Gosser as Chief Financial Officer, Replacing Douglas Horne

Gannett Co., Inc. announces Trisha Gosser as the new CFO, effective March 18, 2025, succeeding Douglas Horne, who will depart on April 1, 2025.

Summary

• Gannett Co., Inc. has appointed Trisha Gosser as its new Chief Financial Officer, effective March 18, 2025.
• She succeeds Douglas Horne, who will be leaving the position on April 1, 2025.
• Ms. Gosser has been with Gannett since January 2007 and previously served as Deputy Chief Financial Officer since January 2023.
• Her annual base salary will be $630,000, with a target performance-based cash incentive award of 100% of her base salary.
• She is also eligible for a target long-term equity incentive award opportunity equal to $740,000.
• Douglas Horne will receive a severance payment of $1,438,700, along with other benefits including shares of common stock and vested cash performance units.

Sentiment

Score: 7

Explanation: The document presents a positive outlook with the appointment of a new CFO and a smooth transition. The management's comments are optimistic, and the company highlights the new CFO's experience and capabilities. However, the forward-looking statements and potential risks associated with the agreement with the outgoing CFO temper the overall sentiment.

Positives

• Trisha Gosser's appointment brings over 20 years of financial experience, including 15 years in the media industry, to the CFO role.
• Her previous roles within Gannett provide her with deep institutional knowledge and operational experience.
• The transition appears well-planned, with a clear succession and defined terms for both the incoming and outgoing CFOs.

Risks

• The Proposed Letter Agreement with Douglas Horne is still subject to change and may not be executed at all.
• The press release contains forward-looking statements that are subject to risks and uncertainties, which could cause actual results to differ materially from expectations.

Future Outlook

The company anticipates continued growth, innovation, and sustainability under the new CFO's leadership, with a focus on empowering and enriching communities.

Management Comments

• 'I am energized to step into the Chief Financial Officer role and to partner with senior leaders across Gannett to drive growth, innovation, and sustainability of Gannetts expansive portfolio of brands, products, and services,' said Trisha Gosser.
• 'My passion for the industry fuels my commitment to advancing Gannetts mission of empowering and enriching communities,' said Trisha Gosser.
• 'Ive worked with Trisha for 5 years and I know she has the proven experience to thrive in this role,' said Michael Reed, Gannett Chairman and Chief Executive Officer.
• 'Im thrilled to elevate her to CFO and have the utmost confidence in her leadership ability,' said Michael Reed, Gannett Chairman and Chief Executive Officer.
• 'Gannett is fortunate to have a leader with her deep institutional knowledge and operational experience to enable the finance organization to deliver excellence and value to our stakeholders,' said Michael Reed, Gannett Chairman and Chief Executive Officer.
• 'Trishas understanding of the company and our strategic long-term plans along with her relationships with investors will certainly position Gannett for success as we continue our transformation,' said Michael Reed, Gannett Chairman and Chief Executive Officer.

Industry Context

The appointment of a new CFO is a common occurrence in the media industry, as companies adapt to changing market conditions and strategic priorities. Gannett's focus on digital transformation and sustainable growth aligns with broader industry trends.

Comparison to Industry Standards

• Executive compensation packages in the media industry vary widely based on company size, performance, and strategic goals.
• Comparing Trisha Gosser's compensation to CFOs at similar media companies like News Corp or The New York Times Company would provide a benchmark for industry standards.
• Severance packages for departing executives also vary, but Douglas Horne's package appears to be in line with standard practices for executives at his level.

Management Changes

Stakeholder Impact

• Shareholders may react positively to the appointment of a new CFO with extensive experience within the company.
• Employees may experience a period of adjustment as the new CFO takes over leadership of the finance functions.
• Investors will be closely watching the company's financial performance under the new CFO's leadership.

Key Dates