It’s been a big day for Gannett Co. Inc. (GCI). In addition to revealing its fourth quarter and full year earnings report today, the USA TODAY publisher announced the promotion of executive vice president and CFO Gracia Martore to president and COO.
Martore couldn’t choose a better moment to come in. The company reported a $133.6 million profit for the fourth quarter of 2009, despite a 14.4 percent decline in revenues. The company attributed its profit to reduced expenses, and Gannett cut its debt by about $250 million during the quarter.
And although advertising revenues continue to lag behind previous years, Gannett said the fourth quarter was stronger than previous quarters of 2009 — a good sign. Ad revenues in the U.S. declined 18 percent during the quarter compared to 2008.
As CFO of Gannett, Martore is uniquely familiar with the economic challenges facing the company. She will remain CFO as she takes on her COO duties until a new CFO is brought on, CEO Craig Dubow said in an announcement today. Martore started at Gannett in 1985 as assistant treasurer and worked her way up as VP of Treasury Services, head of Investor Relations, senior VP and was named CFO in 2003.
Full release after the jump