Falco To Retire From Univision, After IPO Withdrawal

Randy Falco, CEO of Univision Communications, will retire at the end of the year -- after the company said it would be withdrawing its IPO stock offering.

Also on Tuesday, Univision said it would be changing its CFO position -- announcing that Peter Lori, veteran Univision executive, would be taking the post from Francisco Lopez-Balboa, who resigned earlier this week.

Lori had been executive vice president of finance, Chief Accounting Officer and deputy CFO at Univision. He joined the company in 2005.

Just a few months ago, Falco, a former NBCUniversal executive, signed a extension to his contract, which was to go to January 2020. Reports suggests that Univision has been considering massive restructuring to reduce costs.

In a statement, Haim Saban, chairman of Univision’s board of directors said:

“There are multiple rumors out there and on behalf of the Univision Board. I would like to set the record straight about our CEO Randy Falco. Recently, Randy came to us and told us that he would like to retire at the end of 2018, when he will turn 65 years old, and end an outstanding eight-year tenure as the CEO of Univision.  

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"Let me be clear: We at the Board of Univision have reluctantly agreed to Randy’s wishes out of respect and the high regard we have for him as a partner.”

Saban adds that: “During his time as CEO, he has modernized the Univision organization, grown earnings and reduced debt at record levels, and we could not be more pleased with his performance. We have asked Randy to work with us over the next year in restructuring the company and consult with the board on a transition to new leadership.”

In 2007, Univision Communications was sold for $13.7 billion to Providence Equity Partners, TV-media entrepreneur Haim Saban, TPG Capital and Thomas H. Lee Partners.

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