Torstar Corp., the parent company of The Toronto Star newspaper, has named Neil Oliver its new chief executive officer (CEO) as the company’s finances continue to deteriorate.
Oliver had previously run Torstar’s Metroland newspaper group. The company also said that it has “parted ways” with Marina Glogovac who had been the company’s president since June of this year.
Neil Oliver's appointment as CEO comes after the company announced that Toronto Star publisher Jordan Bitove had taken sole control of Torstar Corp. following a legal dispute with previous co-owner Paul Rivett.
Bitove and Rivett two had been in mediation in recent months over control of privately held Torstar Corp. Rivett had sought a court order to wind up the company.
It has been reported that The Toronto Star is losing as much as $1 million a week as circulation and advertising revenue continue to decline at the newspaper.
Several efforts to revive The Toronto Star in recent years have proven to be unsuccessful.
