• by Sara Guaglione , June 19, 2020

CEO Paul Bascobert is leaving the company after less than a year in the role.

The company’s board has eliminated his position as Gannett Media Corp. CEO. The move is part of an effort to streamline the business amid dips in revenue, due to the economic effects of the pandemic.

Michael Reed, chairman-CEO of the parent public company Gannett Co., has assumed Bascobert’s responsibilities.

In March, Gannett cut employees’ and executives’ pay and instituted staff furloughs. Bascobert said at the time that he would take no pay until the furloughs and pay reductions ended.

“The Board and I would like to thank Paul for his contributions during such an important period for our Company," Reed stated. "Paul made a significant impact, helping to integrate the two companies, navigate through this current pandemic and lay the groundwork for our revenue transformation."

Last year, Gannett and New Media Investment Group went through a $1.1 billion merger. The combined company is the largest U.S. media organization by print circulation. Gannett Co. owns more than 260 daily publications.

Bascobert joined Gannett prior to the merger, in August 2019.

He has served in executive roles at Dow Jones, Bloomberg and XO Group Inc.

In Q1 2020, Gannett posted a net loss of $80.2 million and a 10% dip in revenue year-over-year.

Gannett’s print advertising revenues fell 21.2% to $268 million in the first quarter, compared to the same period last year.

However, paid digital subscriptions increased by almost 30%.

Digital advertising and marketing services revenue increased by 1.7% to $136 million.