Herbert Denton Named STMG Director

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By: E&P Staff

Herbert Denton has been elected to the Sun-Times Media Group’s (STMG) board of directors. He is the founder and president of Providence Capital, a shareholder of STMG, who also helped bring down Conrad Black and other Hollinger executives in 2003.

Hollinger, renamed STMG, has new executives leading the company, which publishes newspapers like the Chicago Sun-Times.

Providence Capital provided advice to Hollinger shareholder Tweedy Browne, which brought to light Black and other corporate executives’ payouts.

The Financial Post’s Barbara Shecter wrote on Sunday that Denton and Tweedy Browne managing director, Chris Browne, have been critical of the current team running STMG.

“My concern is with the current management and what they are doing to maximize shareholder value. Not much as far as I can see,” Tweedy told the Financial Post.

Denton, 59, founded Providence Capital in 1991 after serving as managing director with Jeffries & Co., where he worked on mergers and acquisitions. Prior to that, he founded Pacific Equity Limited, which was later acquired by Jeffries.

?As we develop a strong business for the future, Bert?s experience on several boards of companies in turnaround situations will be extremely valuable,? Cyrus Freidheim Jr., CEO of the company, said in a statement.

With Denton?s appointment, there are now eight directors on the STMG?s board.

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