Media General president and CEO Marshall Morton will retire at the end of this year, the company has announced. He will be succeeded by George Mahoney, who is currently vice president of growth and performance at Media General.

In a statement announcing the changes, J. Stewart Bryan III, the chairman of the Media General board, praised Morton for his leadership of the company during the financial crisis.

“Marshall joined Media General as chief financial officer in 1989,” Bryan said. “In his early years, we refocused Media General on its core strengths of local news, excellent journalism and southeastern markets.  As president, he guided Media General through unprecedented change in the media industry and a severe economic downturn.”

Mahoney joined the company in 1993 as general counsel and corporate secretary and was named a corporate vice president in 2006. He has served in his current role since October.

“Media General has a very promising future as a television broadcaster, with our portfolio of top ranked stations located in attractive markets,” he said in a statement.  “I am honored to have the opportunity to lead the company forward at this time of great opportunity.”