CEO Changes Set At Media General

Media General Inc. said today that company president and chief executive officer Marshall N. Morton, 66, plans to retire at the end of this year after 23 years with the company. The board announced that it has elected George L. Mahoney, 60, VP-growth and performance, to succeed Morton, effective Jan 1, 2013. In the interim, Mahoney will serve as VP-COO.

J. Stewart Bryan III, chairman of the Media General board, said: “Marshall joined Media General as chief financial officer in 1989. In his early years, we refocused Media General on its core strengths of local news, excellent journalism and southeastern markets. As president, he guided Media General through unprecedented change in the media industry and a severe economic downturn. I thank Marshall for his innumerable contributions to Media General.”

Bryan added: “George has served with distinction in all his roles since joining Media General in 1993. As a strong company leader with deep media industry experience, he is the right person to lead the company forward as a pure television broadcaster with long-term financing arrangements that provide flexibility for future growth.”

As VP-growth and performance, Mahoney has been responsible for Media General’s digital media and mobile operations, including content initiatives that attract new audiences to all of the company’s platforms and programs to create new revenue streams. He also has been responsible for central broadcast television operations, including master control, traffic and graphics.

Mahoney joined Media General in 1993 as general counsel and corporate secretary and was elected a corporate VP in 2006. As general counsel, he was deeply involved in all regulatory, legislative, other legal and operating matters related to the company’s television stations.  He has played an integral role in the company’s broadcast acquisitions. He served the board of directors as corporate secretary for 18 years. Since 2009, Mahoney also has led the company’s innovation process, which engages employees in new product development.

Mahoney became VP-growth and performance on Oct. 1, 2011. Prior to joining Media General, he was assistant general counsel for Dow Jones & Co. from 1982 to1993. He worked in New York City for the law firm Satterlee & Stephens from 1978 to1982, specializing in First Amendment and intellectual property matters.

He holds B.A. and J.D. degrees from the University of Virginia.

Morton has been president and chief executive officer of Media General since July 1, 2005.  Prior to that, he was Media General’s chief financial officer since August 1989 when he joined the company as SVP. He became vice chairman and chief financial officer in July 2001. Morton was elected to Media General’s board in 1997 and serves on its executive committee. Prior to joining Media General, he held a number of financial positions with West Point Pepperell, including corporate VP and controller.