Tegna Adds Board Member, Declares Dividend

Karen Grimes

Tegna Inc. today announced that Karen Grimes has been appointed to Tegna’s board of directors as a new independent director, effective immediately.

Grimes, 63, spent more than 20 years at Wellington Management Co., an investment management firm, where she was a partner, senior managing director and equity portfolio manager until her retirement in 2018. Previously, she spent 12 years in portfolio management and investment research positions at three other investment firms.

The company said her addition is part of the board’s ongoing refreshment process which has added six independent directors over the past five years, including four since December 2017.

Tegna’s Board now includes 12 directors, 11 of whom are independent.

Tegna also announced that its board “has unanimously determined that it would not be in the best interest of Tegna shareholders to add any of the four Standard General nominees to Tegna’s board.”

“Karen Grimes is a highly respected institutional investor with senior management and Fortune 500 Board experience, and we are pleased to welcome her to Tegna’s board,” said Chairman Howard Elias. “Karen’s deep investment experience and returns-focused mindset from years overseeing investment strategy will be enormously valuable to the Board as we maintain a relentless focus on creating value for all Tegna shareholders.”

In addition, the board of directors today also declared a dividend of 7 cents per share, payable on April 1 to stockholders of record as of the close of business on March 6.

“We have entered 2020 with positive momentum from execution across our entire business, and are on track for a record year,” said Dave Lougee, Tegna president-CEO. “Our preliminary outlook for 2021 shows we are positioned to continue to generate financial performance and deliver value for our shareholders.”