By: E&P Staff A major move involving top executives at three Knight Ridder papers have been put on hold, due to the flurry of activity around the possible sale of the company.
The company had planned to switch top executives at three of its newspapers following an announcement that Peter Ridder would retire as publisher of The Charlotte Observer. The company had planned to move Ann Caulkins, publisher of The State in Columbia, S.C., to replace him. Lou Heldman was announced as Caulkins' successor in Columbia with Sharon Lindenbaum to take the helm at the Wichita Eagle.
So, for now, Heldman will remain publisher of The Eagle while Lindenbaum will remain in her current position as vice president of business administration of the Knight Ridder-owned Kansas City Star.
"These moves were to take effect at the start of 2006," said a memo from Art Brisbane, senior vice president of Knight Ridder. "However, we have decided to put them on hold while the company goes through the process of exploring strategic alternatives."
A note from Peter Ridder to staff in Charlotte read:
"Since the announcement that I would retire January 1, 2006 and Ann Caulkins would be your new publisher, Knight Ridder's three largest stockholders announced they wanted the Company to put itself up for sale.
"Knight Ridder is now in the process of exploring strategic alternatives. During the time it takes to develop a plan, corporate has asked me to postpone my retirement. Subsequently, there is a hold on the publisher moves that also would have affected Columbia, Wichita and Kansas City.
"So, that means that I will not retire January 1 and will remain as your publisher until a resolution of the Knight Ridder issue has been finalized."
Knight Ridder announced on Nov. 14 that it had begun working with its longtime financial advisor, Goldman Sachs Co., on alternatives "to enhance shareholder value, including a possible sale of the company."
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