GateHouse CFO Resigns

By: E&P Staff Mark R. Thompson, CFO of troubled community newspaper publisher GateHouse Media Inc., has resigned for personal reasons, the chain announced late Thursday. GateHouse appointed Mark Maring, its vice president of investor relations and strategic development, as interim CFO.

Thompson's resignation comes as the publisher of 97 dailies and nearly 300 weeklies struggles to right itself financially after taking on a heavy debt load to finance a buying binge.

The company earlier this month declared it was indefinitely suspending its dividend, which had been set much higher than peer newspaper companies as a way to support its stock. Instead, Wall Street has hammered its stock down below $1 a share, causing the New York Stock Exchange to halt floor trading of GateHouse.

GateHouse CEO Michael E. Reed said Maring, 42, was "the logical choice" for interim CFO.

"Mark is currently part of GateHouse Media's executive management team and is well versed in all aspects of our business," Reed said in a statement. "I fully expect Mark to make a seamless transition to interim CFO."

Maring joined GateHouse Media in March. Previously, he held a variety of financial and accounting positions at Mendon Capital Advisors, Constellation Brands, Arthur Andersen, and The Chase Manhattan Bank, GateHouse said.

Reed said Thompson had decided to take a new job to move closer to his family. He is staying until Sept. 28 to help with the transition.

Thompson was recruited to GateHouse to help in taking the company public. The initial public offering in October 2005, at $18 a share, was regarded at the time as a singular success.

On Thursday, GateHouse (NYSE: GHS) closed at 62 cents a share, up 5 cents, or 8.71%.