30-station group owner’s president/CEO, Gary Chapman, will retire July 10. CFO Vincent Sadusky will become interim CEO while a search for a successor is undertaken.
Providence, R.I.-based LIN TV Corp. today announced that Gary R. Chapman, LIN TV’s chairman, president and CEO, will retire July 10 and will concurrently resign as a director of the company.
LIN said until it completes a search for Chapman’s replacement, Vincent L. Sadusky, the company’s vice president, chief financial officer and treasurer, will act as interim CEO.
Chapman said: “I will miss working with all the great people at LIN. This company has grown from seven to 30 television stations during my tenure and we have created leading duopoly stations in many of our markets. I am confident in our team and their ability to face the industry challenges that lie ahead. I have spent the past two years mentoring Vince Sadusky, and I know he will provide excellent leadership during this transition.”
Chapman joined LIN’s former parent in 1988 as president of television and was named CEO of television in June 1994 and chairman in August 2000. He was the joint board chairman of the National Association of Broadcasters from 1991 to 1993 after serving on the group’s board of directors since 1987 and as chairman of the Television Board from 1989 to 1991. Chapman was chairman of the board of The Association for Maximum Service Television from 2000 to 2005.
Sadusky currently heads all LIN’s finance and accounting functions and works with management to identify and pursue new growth opportunities for the company which owns 30 television stations in 18 mid-size markets in the United States and Puerto Rico.
Sadusky joined LIN in 2004 from Telemundo Communications Inc., the Hispanic broadcasting network and subsidiary of NBC, where he was chief financial officer and treasurer and led all of the company’s financial and accounting operations. He was at Telemundo for over 10 years, beginning as vice president, finance, and was promoted to CFO in 1999. He played a critical role in the network’s merger with NBC in 2001. During his tenure at Telemundo, he led four equity and eight debt offerings, structured and financed seven TV station purchases and helped form domestic and international joint ventures. Prior to joining Telemundo, he was an audit manager with Ernst & Young LLC.