Nexstar Media Group Board Adopts Policy Regarding The Roles Of Chairperson Of The Board Of Directors And CEO; New Policy Will Take Effect Only After Nexstar's Founder, Chairman, And Chief Executive Officer Perry Sook Leaves The Company And The Board
Portfolio Pulse from Benzinga Newsdesk
Nexstar Media Group, Inc. (NASDAQ:NXST) announced a new policy separating the roles of Chairperson of the Board and CEO, effective after Perry Sook, the company's founder, chairman, and CEO, leaves. Sook's current contract runs until March 31, 2026, and he owns about 4.6% of Nexstar's shares. The policy aims to ensure the company's leadership continuity and is seen as beneficial for shareholders. Nexstar, founded in 1996 by Sook, has grown into America's largest local broadcasting group, with over $5 billion in revenue for the twelve months ending September 30, 2023.
February 05, 2024 | 9:14 pm
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Nexstar Media Group, Inc. introduces a policy to separate the roles of Chairperson and CEO, effective post-Perry Sook's departure. Sook remains a significant shareholder with a contract until 2026.
The announcement of a policy to separate the roles of Chairperson and CEO at Nexstar Media Group is likely to be viewed positively by investors, as it aligns with best practices in corporate governance. This move could enhance investor confidence in the company's future leadership and governance structures, potentially leading to a positive impact on the stock price in the short term. Perry Sook's continued involvement and significant shareholding further stabilize the transition, underscoring the strategic planning behind this decision.
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