Postmedia extends CEO Paul Godfrey's contract by 2 years
Postmedia President and CEO Paul Godfrey, left, and Chair of Postmedia Board of Directors Rod Phillips attend a press conference in Toronto, Monday, Oct. 6, 2014. (Hannah Yoon / THE CANADIAN PRESS)
The Canadian Press
Published Tuesday, November 1, 2016 12:54PM EDT
TORONTO - Postmedia has extended president and CEO Paul Godfrey's contract by two years.
Godfrey's contract will end on Dec. 31, 2020. It was set to expire in December 2018.
Chair of the board Rod Phillips said in a statement that the extension is a strong sign of support from the board after the company completed its debt restructuring.
The plan reduced Postmedia's total debt by about $307 million and annual cash interest expense by about $50 million.
Postmedia has continued to struggle financially following the restructuring and announced late last month it would reduce salary costs by 20 per cent through voluntary staff buyouts and possible layoffs.
Godfrey, 77, has been the only person to serve as Postmedia's president and CEO since it was formed in July 2010.