Meredith Puts a Date on Tom Harty’s Potential Ascension to CEO
This week, magazine publisher and TV station owner Meredith Corp. elevated Tom Harty from president of the company’s National Media Group to president and chief operating officer, taking on oversight of the Local Media Group as well. That promotion seemed to put Mr. Harty in line to succeed Steve Lacy, 62, who must step down as CEO at the age of 65, per company policy. (Mr. Lacy, before taking the top job, also served as president and COO.)
According to Mr. Harty’s new employment contract, filed Friday with the SEC, Meredith has set a “determination date” of Sept. 1, 2017, for his ascension to president and CEO:
If Harty is not promoted to President and Chief Executive Officer of the Company by September 1, 2017 (the “Determination Date”), Harty shall have the right to terminate his employment with the Company by giving written notice within ninety (90) days after the Determination Date, and such termination shall be deemed to be Termination Without Cause by the Company and treated in accordance of Section 8.2.
