It took more than eight months but the New York Times finally has a new chief executive. The company announced today that it has hired BBC Director-General Mark Thompson to be President and CEO.
In a release issued after markets closed on Tuesday, the Times cited Thompson’s track record developing new products and revenue streams across multiple platforms. Most recently, he led the BBC’s multi-media coverage of the London Olympic Games.
The appointment of a digital savant like Thompson is consistent with the New York Times’ ongoing effort to become profitable as advertising revenue from print continues to collapse. Thompson will take the helm at a time when subscription revenue (much of it digital) is exceeding advertising revenue.
Thompson’s arrival may also close a tumultuous period for the Times. Since former CEO Janet Robinson departed abruptly last December, a reporter’s leaked memo described the company as a “ghost ship” and New York magazine ran a pot-boiler tale of intrigue among the family factions who control the paper. There have also been widespread complaints from the paper’s staff and readers about Robinson’s $ 24 million golden parachute.
More to come.
