Corus Entertainment has announced the retirement of President and CEO Doug Murphy, with executives Troy Reeb and John Gossling to succeed him as Co-Chief Executive Officers.
In a statement released Monday morning, Corus said Murphy “has made the decision to take an early retirement after over 30 years in broadcasting and media, and 21 years with the company.”
Murphy first joined Corus in 2003 as Executive Vice President, Business Development, holding successively senior positions until 2015 when he was appointed President and CEO.
“Under Doug’s leadership, Corus has created a diversified portfolio of powerful brands encompassing television, radio and content assets,” said Heather Shaw, Executive Chair, in the announcement. “Doug’s passion for bringing content to Canadians, including fair and balanced news, is renowned. On behalf of the Board, I thank Doug for his many years of commitment and leadership at Corus and wish him well on his new chapter.”
Gossling, who will also continue in his role as Chief Financial Officer, and Reeb, who most recently held the title of Executive Vice President Networks and Content, will assume their new Co-CEO roles effective immediately.
Additionally, Jennifer Lee has been appointed as Chief Administrative Officer and Chief Legal Officer with oversight of legal, regulatory, human resources, communications, and other corporate functions. She previously held the role of Executive Vice President and General Counsel.
Greg McLelland, Executive Vice President and Chief Revenue Officer and Shawn Kelly, Executive Vice President, Technology, will also continue to serve on the Executive Leadership Team.
“Succession planning is an integral part of our operations. Troy and John are seasoned senior broadcast and media executives who each have exceptional experience, a strategic mindset and deep understanding of the industry,” added Shaw. “The Board and I are extremely confident in their ability to guide Corus through the evolving regulatory and competitive landscape, and make smart, strategic choices that best position the company for the future.”
The executive shuffle comes following a round of layoffs last week in Corus’ Global News division and the revelation that Rogers Communications has scooped the brand and content licensing rights to Warner Bros. Discovery’s suite of English-language U.S. lifestyle and factual brands in Canada starting in 2025, including HGTV, The Food Network, and Magnolia Network, which will impact content on Corus specialty channels.
Corus stock was trading down on the TSX this morning, falling below the .20 cent mark after hitting a new 52-week low last week. Corus shares have lost 85% of their value over the last year.
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