Business News
Torstar Announces Board and Management Changes
Friday 27. February 2009 - Torstar Corporation (TSX:TS.B) announces today the following Board and management changes that will take effect in connection with Torstar's Annual Meeting on May 6, 2009:
– Hon. Frank Iacobucci, who has served as Chair of the Board of Torstar since 2005, has decided not to stand for re-election to the Board.
– John A. Honderich, a Torstar Director for 11 years, Chair of the Voting Trust and former Publisher of the Toronto Star, will become Chair of the Board.
– J. Robert S. Prichard, who has served as President and Chief Executive Officer of Torstar for seven years, has decided to step down at the Annual Meeting.
– David Holland, the current Executive Vice President and Chief Financial Officer who has served the company for more than 20 years working in newspapers, book publishing and Torstar Corporate, will become Interim President and Chief Executive Officer at the Annual Meeting until a permanent replacement is appointed.
– Joan Dea, business strategist and past Executive Vice-President, Strategy at BMO Financial, and Alnasir Samji, retired Principal of Towers Perrin, and President of Alderidge Consulting, have been elected to the Board effective March 1, 2009. As a partner with the Boston Consulting Group, Ms. Dea served major North American clients in consumer goods, e-commerce, media and financial institutions before joining BMO to head its strategy function. Mr. Samji has extensive experience in pension administration and is the incoming Chair of the United Way of Toronto. They replace outgoing directors Ron Osborne and Sabi Marwah who decided not to stand for re-election to the Board.
– Paul Weiss, corporate director and retired senior partner of KPMG, and Phyllis Yaffe, retired President and CEO of Alliance Atlantis, will stand for election to the Board of Directors at the Annual General Meeting on May 6, 2009. Mr. Weiss has a long and distinguished career in public accounting, having led the audits of numerous major Canadian companies. It is anticipated Mr. Weiss will chair Torstar’s Audit Committee, succeeding Spencer Lanthier in that role. Ms. Yaffe has broad experience in the communications industry including book publishing, specialty television and broadcasting. They will replace outgoing directors Jack Fuller and Spencer Lanthier who decided not to stand for re-election to the Board.
– The Torstar Board will also institute the position of lead director following the Annual Meeting.
Biographies of the new directors, Mr. Honderich and Mr. Holland are attached.
“I wish Torstar well as we make this transition in leadership,” said Hon. Frank Iacobucci. “Torstar’s newspapers are of crucial importance to our community and country and a strong and vital Torstar is critical to their success. We have strong businesses with fine leaders who will prevail despite the current economic challenges. I want to thank the directors who are stepping down for their many contributions to the Board’s work and welcome our new directors who will bring new experiences and valued perspectives to the Board’s work. I also want to thank Rob Prichard for his tireless work to advance our businesses and serve all of our shareholders in the face of profound change in the newspaper industry across North America. He has served us well.”
“I extend thanks to the departing directors and management for their service and dedication to Torstar,” Mr. Honderich said. “This is a time of significant renewal for Torstar as we view the current economic challenges as an opportunity to prepare for the future and build the next generation of our publishing enterprises. With such economic uncertainty, it is also a moment in time when David Holland’s business acumen and depth of financial expertise as the interim leader is especially appropriate and welcome.”
“The enduring strength and fundamental quality of Torstar assets, combined with the strategic succession of the Board and management, will allow us to emerge from this recession poised to fully participate in the economic recovery,” Mr. Honderich said.
Mr. Prichard said, “It has been a privilege to lead Torstar surrounded by talented and committed colleagues who are national leaders in newspapers, digital media and book publishing. I feel very fortunate to have spent the last eight years working with them. Late last summer I asked the Board to plan for a transition in leadership. The Annual Meeting is the right time to make the change. With terrific leaders now in place at each of our operating businesses, this is a good time to move on. I am very pleased the leadership of Torstar will be in David Holland’s steady hands and I look forward to working closely with him to ensure a smooth and seamless transition.”
“It is a privilege to follow Rob and be entrusted by the Board with this responsibility while we confront the challenges of the current environment” said David Holland. “I am confident we will turn this challenge into an opportunity to pursue constructive change and growth. The strength of our leading franchises, the quality of the leadership of our businesses and the pride, determination and commitment of employees throughout the organization will be the reasons we will not only weather this period but will emerge from it renewed and stronger.”