• by Michael Shields , May 13, 2004

Meredith Corp., publisher of titles such as Better Homes and Gardens, Wednesday named Stephen M. Lacy president and chief operating officer from president of the Meredith Publishing Group. Lacy, 50, will oversee all of Meredith's business operations, including magazine and book publishing, integrated marketing, interactive media and broadcast television. Lacy, a rising star in the publishing world, is credited with shepherding the company through the recent economic downturn, helping to increase advertising pages by 19 percent in calendar 2003. He also engineered the purchase of the American Baby Group.

MediaDailyNews: What are your expectations for your new role?

Stephen M. Lacy: I am thrilled to have the opportunity to work with John Griffin [who succeeds Lacy as Meredith Publishing Group president) to grow and develop that business. I am also glad that I will be able to balance my time to work Kevin O'Brien [president of the Meredith Broadcasting Group) and the broadcast team. We are preparing for new growth across all disciplines.

MDN: Speaking of Meredith's diversity, the company has been pushing convergence across various media properties, including magazines and the 12-Meredith-owned TV stations. Is this something you will continue to drive?

Lacy: We do quite a bit, and we can certainly do more. At one time I was the CFO, so I did have some opportunity to work in this area, so it's not entirely new.

We have been really successful at using our publishing assets for marketing programs to deliver in local markets. For example, we have run spring retail promotions where we have used local TV stations to run Better Homes & Gardens-inspired content. We have used this for local market promotions that drive people into stores. We usually use vignettes on local news, print pieces, direct mail, etc.

MDN: Some have commented that yours is an unusual succession, given your financial background. Many Meredith CEOs have first served as the chief operating officer.

Lacy: I have a financial background I guess, but I have been here for seven years. I don't know if what I am doing is all that unusual.

MDN: You have been credited with helping Meredith thrive during a downturn in the economy in recent years.

Lacy: We have had a strong circulation dynamic to begin with, and that has allowed us to grow rate bases and grow market share. We could expand while others were detracting. When you come out of that you are in a much better position.

MDN: There has been a lot in the news about how the magazine industry is missing out on the advertising recovery. Is this something you are concerned about?

Lacy: Certainly it has been less robust that we had anticipated. We are still seeing pretty strong results, which has to do with our positioning.