Arthur Sulzberger Jr will take over the day-to-day management of the New York Times Company after chief executive Janet Robinson steps down from the family business on 31 December.
Sulzberger, who is currently chairman of the iconic newspaper group, which is controlled by his family, will serve as interim CEO while the company searches for a replacement for Robinson, said a statement.
Robinson’s exit from the New York Times Company brings to an end the non-family member’s seven years at the helm of the business. But despite retiring, she will remain a consultant and will be paid $4.5 million (€3.45 million) over the next year, according to a filing with the Securities and Exchange Commission.
The 61-year-old is well known in the newspaper industry for stabilising the business during the worst of the financial crisis. She also approached Mexican billionaire Carlos Slim in 2008 for emergency financing of $250 million – Slim now holds an 8.1% stake in the family-controlled firm.
The Ochs Sulzberger family’s involvement in the media conglomerate began in 1896 when Adolph Ochs bought the then money-losing newspaper the New York Times. Now, the $2.4 billion business publishes around 15 dailies, including its flagship newspaper, and operates more than 50 websites.
Descendants of Ochs hold the majority of the group’s class B shares through a family trust, giving them the right to elect 70% of the company board.