Scripps Renews Adam Symson Through 2022
The board of directors of The E.W. Scripps Co. has approved a new three-year contract with company president and CEO Adam P. Symson.
Scripps’ executive pay is divided between fixed and variable income, with a strong emphasis on variable to align management’s interests with those of shareholders.
“Since assuming the president and CEO role in August 2017, Adam has overseen tremendous value creation and growth for Scripps,” said Board Chairman Rich Boehne. “We have doubled the size, reach and durability of our television station portfolio, and today our local broadcast holdings include 27 stations in top 50 markets, 36 top-ranked stations and a diversified network affiliation mix.
“In addition, he has made a strategic and accretive national media acquisition, executed share repurchases, introduced a dividend and delivered financial results that have met or exceeded expectations.
“Adam has created shareholder value while solidifying Scripps’ position as an industry leader as well as supporting the role of journalism in our democracy,” Boehne concluded.
In addition to the contract renewal, the board of directors removed the company’s excise tax gross-up provision for Symson, a best practice it said was recommended by proxy advisory firms.
Most of Symson’s compensation increase will come through the company’s long-term incentive compensation plan through stock awards.