Gannett Announces Elimination of the CEO Position for the Operating Company and the Departure of Paul Bascobert

Gannett Co., Inc. (“Gannett”, the “Company”) (NYSE: GCI) announced today that the Board of Directors (“The Board”) has decided to streamline the operating structure of the Company by eliminating the position of CEO of the operating company, Gannett Media Corp. (“Gannett Media”). Given this decision, the Board and Paul Bascobert have mutually agreed for Mr. Bascobert to terminate his employment with the Company. Mr. Bascobert’s departure is not the result of any inappropriate action by Mr. Bascobert, any violation of company policy, any accounting irregularity or any material deterioration in the business of the Company.

Michael Reed, Chairman and Chief Executive Officer of Gannett, has assumed Mr. Bascobert’s responsibilities. While the Board does not intend to conduct a search to fill the role of Chief Executive Officer of Gannett Media, the Board does remain focused on attracting and retaining individuals whose skills and diversity will contribute to the Company’s digital transformation.“

The Board and I would like to thank Paul for his contributions during such an important period for our Company. Paul made a significant impact, helping to integrate the two companies, navigate through this current pandemic and lay the groundwork for our revenue transformation,” said Mr. Reed. “The Board remains committed to our plans for continued integration and transformation.”

“I am proud of the progress Gannett has made in bringing together two great media companies. It is a terrific team with a bright future,” said Mr. Bascobert. “I remain committed to the importance of journalism in our country and wish nothing but great success for Gannett.”

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