Nexstar Media Group announced that its Board of Directors has adopted a policy regarding the roles of Chairperson of the Board of Directors and Chief Executive Officer. Under the policy, the roles of Chairperson of the Board of Directors and Chief Executive Officer of the Company may not be held by the same individual. The new policy will take effect only after Nexstar’s Founder, Chairman, and Chief Executive Officer Perry Sook leaves the Company and the Board. Mr. Sook’s current employment agreement with Nexstar runs through March 31, 2026, and as of September 30, 2023, he is the Company’s third largest shareholder, with holdings of approximately 4.6% of its outstanding shares. The Board believes the adoption of this policy is in the best interests of the Company and its shareholders, as the new policy does not interfere with Mr. Sook’s continued leadership of Nexstar and the benefits he brings to the Company, while establishing a plan that provides a runway for the most qualified individuals to serve as Chief Executive Officer and Chairperson in the future.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on NXST:
- Nexstar Media Group Declares Quarterly Cash Dividend
- Nexstar increases quarterly dividend 25% to $1.69 per share
- Comscore, Nexstar reach multi-year agreement for audience measurement
- Nexstar price target raised to $202 from $200 at Loop Capital
- Nexstar enters multi-year time brokerage agreement with KAZT-TV in Phoenix
