MCLEAN, VA (WUSA9) - TEGNA CEO Gracia Martore announced her retirement as president on Wednesday. The company also announced its plans to spin-off Cars.com.
“Spinning off Cars.com from TEGNA will establish two strong, industry-leading companies that are well positioned to compete and to continue to profitably grow in their targeted markets,” Martore wrote in a statement.
TEGNA is the largest independent broadcast station group among major network affiliates in the top 25 markets. Cars.com is a top online destination for the digital automotive marketplace.
“We believe that by providing these two strong companies, Cars.com and TEGNA, with a greater ability as separate companies to focus on their unique characteristics and opportunities, both companies will be poised to accelerate their growth strategies, allowing us to continue our value-enhancing evolution," said Board Chairman Marge Magner.
Martore will retire at the close of the spin-off, expected to be in the first half of 2017. She worked at TEGNA and its predecessor Gannett Co., Inc., for more than 30 years.
Dave Lougee will become president and CEO of TEGNA, while Alex Vetter will serve as president and CEO of Cars.com.
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