Postmedia (PNC) has announced that its board chairman, Paul Godfrey, will step down from his
role at the end of this year.
Godfrey, who was the founding chief executive officer (CEO) of Postmedia, will serve as a
special adviser to the board of directors and CEO following the end of his term as chairman, the
company said.
Current Postmedia board member Jamie Irving will become the new board chair starting in
2023. Irving joined Postmedia’s board of directors earlier this year following the acquisition of
Brunswick News, the media arm of the Irving family, for $16 million.
Postmedia owns multiple newspapers across Canada, including the flagship National Post. The
company is majority owned by privately held American media conglomerate Chatham Asset
Management.
Postmedia is struggling with declining circulation and advertising revenue at most of its
publications. At the end of May this year, the company reported a net loss of $16.8 million.
Postmedia’s share price has declined 24% in the past year and currently trades at $1.69,
making it a penny stock.
