Corporate has just announced that MarketWatch financial site founder Larry Kramer has been appointed publisher of struggling USA Today, effective immediately, filling a position vacated last month by Dave Hunke, the paper's chief executive since April 2009.
Kramer, 62, brings strong journalism, business and academic credentials to the paper, which was launched 30 years ago, but has in recent years lost tens of millions in advertising revenue, and hundreds of thousands of readers to print and online rivals.
Kramer will report to CEO Gracia Martore and will become a member of the powerful 12-seat Gannett Leadership Team, which has overall responsibility for Gannett's affairs.
In a statement, Corporate said:
"During his career as a journalist and editor, Kramer received many awards for reporting, including the National Press Club Award, The Associated Press Award for news writing and The Gerald Loeb award for business reporting, and his staffs were awarded two Pulitzer Prizes."
The statement continues: "He also has an extensive track record as a successful media entrepreneur, including: serving as founding president of CBS Digital Media, a new division that synthesized all online, interactive and mobile initiatives for the network; founding leading financial information website MarketWatch.com and successfully taking the company public before its sale to Dow Jones; and founding DataSport, maker of a proprietary hand-held sports information monitor, which was later sold to Data Broadcasting Corp."
Executive shakeup likely
Kramer, founder of MarketWatch and a 40-year media industry veteran, currently serves as a media consultant and adjunct professor of Media Management at the Newhouse School of Communications at Syracuse University.
His appointment is virtually certain to spur a broader management shakeup at the paper, which has been without a permanent top editor since John Hillkirk stepped down seven months ago.
His hiring came the same day Corporate announced another senior executive was leaving: Paul Saleh, chief financial officer since November 2010. He's been named CFO of Computer Sciences Corp.
Under Hunke, USAT's circulation slid to 1.8 million copies from 2.3 million, and The Wall Street Journal became the nation's No. 1 newspaper when its online-only subscribers are included.
Ad sales have continued to slide, too. In this year's first quarter, the most recent available, they plunged 14% from a year ago -- the second-worst quarterly decline over the past two years. The worst was in last year's third quarter, when national fell 15.4%. These suggest a high-profile reorganization Hunke announced in August 2010 has failed to turn things around.
Gannett Bloggers had been speculating about Hunke's future ever since Susie Ellwood was named the paper's No. 2 executive in June of last year. When he was moved last month to a new position, chairman, that speculation turned to whether his replacement would be someone from inside or outside Gannett. Not so long ago, Ellwood appeared to be an obvious successor.
Turf battles ahead?
The decision to reach outside GCI suggests Martore, chief executive since October, is looking for significant change at the paper, which is the company's flagship and most visible brand.
An immediate question will be whether Kramer moves to retake control of advertising sales, which were ceded to Chief Marketing Officer Maryam Banikarim in February. As well, Kramer may take a greater interest in control over the website; since last summer, GCI's chief digital officer, David Payne, has been leading a redesign of the site.
Finally, there is the fast-growing USA Today Sports Media Group, which is led by its own empire-building president, Tom Beusse -- charged since January 2011 with pulling together all sports content from the paper, plus other GCI dailies and TV stations.
Corporate's statement today suggested everything may be on the table.
"As president and publisher," it says, "Kramer will be responsible for developing and executing the long-term strategic vision for USA Today across all of its platforms, including the USA Today Sports Media Group, the Travel Media Group, Reviewed.com and USA Weekend. He will also lead the ongoing search for a new USA Today editor-in-chief."
Related: Poynter Online has some good background information on Kramer's thinking about USAT's iPad app, as well as the future of news. Plus: USAT's own story on Kramer -- which at the moment has drawn only one reader comment.
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| Kramer |
Kramer will report to CEO Gracia Martore and will become a member of the powerful 12-seat Gannett Leadership Team, which has overall responsibility for Gannett's affairs.
In a statement, Corporate said:
"During his career as a journalist and editor, Kramer received many awards for reporting, including the National Press Club Award, The Associated Press Award for news writing and The Gerald Loeb award for business reporting, and his staffs were awarded two Pulitzer Prizes."
The statement continues: "He also has an extensive track record as a successful media entrepreneur, including: serving as founding president of CBS Digital Media, a new division that synthesized all online, interactive and mobile initiatives for the network; founding leading financial information website MarketWatch.com and successfully taking the company public before its sale to Dow Jones; and founding DataSport, maker of a proprietary hand-held sports information monitor, which was later sold to Data Broadcasting Corp."
Executive shakeup likely
Kramer, founder of MarketWatch and a 40-year media industry veteran, currently serves as a media consultant and adjunct professor of Media Management at the Newhouse School of Communications at Syracuse University.
His appointment is virtually certain to spur a broader management shakeup at the paper, which has been without a permanent top editor since John Hillkirk stepped down seven months ago.
 |
| Hunke |
Under Hunke, USAT's circulation slid to 1.8 million copies from 2.3 million, and The Wall Street Journal became the nation's No. 1 newspaper when its online-only subscribers are included.
Ad sales have continued to slide, too. In this year's first quarter, the most recent available, they plunged 14% from a year ago -- the second-worst quarterly decline over the past two years. The worst was in last year's third quarter, when national fell 15.4%. These suggest a high-profile reorganization Hunke announced in August 2010 has failed to turn things around.
 |
| Ellwood |
Turf battles ahead?
The decision to reach outside GCI suggests Martore, chief executive since October, is looking for significant change at the paper, which is the company's flagship and most visible brand.
An immediate question will be whether Kramer moves to retake control of advertising sales, which were ceded to Chief Marketing Officer Maryam Banikarim in February. As well, Kramer may take a greater interest in control over the website; since last summer, GCI's chief digital officer, David Payne, has been leading a redesign of the site.
 |
| Beusse |
Corporate's statement today suggested everything may be on the table.
"As president and publisher," it says, "Kramer will be responsible for developing and executing the long-term strategic vision for USA Today across all of its platforms, including the USA Today Sports Media Group, the Travel Media Group, Reviewed.com and USA Weekend. He will also lead the ongoing search for a new USA Today editor-in-chief."
Related: Poynter Online has some good background information on Kramer's thinking about USAT's iPad app, as well as the future of news. Plus: USAT's own story on Kramer -- which at the moment has drawn only one reader comment.
This comment has been removed by a blog administrator.
ReplyDelete5:26 thanks for the laugh. You truly have no concept ofr what this guy brings to the table. I am not sure whom you would prefer but this guy has successed at all levels on all platforms and the only reason he is here is because he wants to be. He doesn't need the money and he loves journalists. There are some fun times ahead. It may be bumpy but journalists finally have an advocate in the Publisher's office. Oh by the way he demanded an office in the newsroom. We've had Publisher's that couldn't find the newsroom let alone have an office there.
ReplyDeleteUnderscores USA Today is headed the digital- only route with significant reduction in expenses - and revenue.
ReplyDeleteDoes this mean Hunke is out the door sooner?
ReplyDeleteYet one more plucked from the unemployment line like Beusse and Banikarim.
ReplyDeleteBeggars can't be choosey.
Seems like a great hire. He values content. Something few at the top of this company share.
ReplyDeleteSounds promising....as long as Martore gives him true control and stops with the corporate mandates and consolidations.
ReplyDeleteUSAToday has so much potential.
I hope he gets aggressive in making the necessary changes. Take back control of USAToday from the corporate power grabbers like Banikarim.
This guy is a journalist. Finally. Someone who gets the news business.
I walked out excited and inspired. Finally a journalist in the publisher's office.
ReplyDeleteGracia you did good!
ReplyDeleteNot being mean but what is Ellwood's job now that he is here?
ReplyDeleteGood hire. Wish I'd stuck around to see what he does.
ReplyDeleteSo come back.
DeleteThis comment has been removed by a blog administrator.
ReplyDeleteIs it too late?
ReplyDeleteThe very same line they pulled Murko out of.
ReplyDeleteLooks like its musical chairs on the deck of the Titanic again.
ReplyDeleteMost positive thing that has happened in years.
ReplyDeleteSports is to USAT as Business is to MarketWatch. Either without those items at the lead is in search of a new franchise. USAT can't win the day on breaking news; it will need to decide on its new reason to be. The brand and digital presence are at a tipping point in digital, having enough momentum but not enough prowess.
ReplyDeleteEntertainment news source above and beyond all others? Maybe, if it can get itself organized and hire staff away from key places. Must make money fast, though. Lacking the coolest and most savvy national brand salespeople, they are nothing.
Eeking a few last dollars out of the dead horse that is newsPAPERS. Most of the online/digital content is crap due to deep staff cuts. USAT is not the NYT and few will pay for it. Kramer sees a way to stay employed and make some bucks between gigs.
ReplyDelete7:46 the dude made $40 or $50 million on MW. He doesn't need a gig. Let's have a real dialogue shall we.
ReplyDelete7:46, you have no idea what you are talking about. And you can't spell.
ReplyDeleteIn other words, you are the epitome of Gannett Blog.
What a surprise, the Gannettbloggers here think Kramer is just trying to have a gig between other jobs.
ReplyDeleteWake up. The guy does not need this job or the money. Do you think he submitted his application through Careerbuider? Wake up.
USAT is lucky to have landed someone like Kramer. He gets the challenge and views this as an incredible opportunity.
Let's all pray "the founders" don't chase him away.
We've seen the industry torn apart, unheard of staff reductions, circulation losses. Was anyone else amazed at the first employee question? Folks our business is imploding and this is the first question!!!
ReplyDeleteGreat, superb hire. Amazing actually. The over under though on the trashers is two weeks. Make that May 29.
ReplyDelete8:08 p.m., what was the first question?
ReplyDeleteA question for Beusse's supporters: Will he and Kramer play nice together?
ReplyDeleteBeusse is charged with revenue...and he will get at any cost. Kramer, I bet, will be more about content.
ReplyDeleteCould be an interesting dance.
kramer is not a sales guy so not sure he's chasing advertisers.
As a zillionaire, why did he take such a crap job? Why not enjoy life. Does he need to prove that he is some kind of savior as well? At least he has enough money to walk away when he's done playing with his broken toy.
ReplyDeleteObviously, he was abused as a child.
ReplyDeleteSeriously, this guy will be a breath of fresh air. Doesn't need the money. Seems genuine and real. Hopes he does set up office space in the newsroom.
It'll take him a few weeks to get through the bullshitters and asskissers and do nothings. I hope to talk with him in a few weeks.
Martore is rolling through the executive ranks like a bowling ball on steroids. Can't wait for Kramer to start mowing them down in editorial.
ReplyDeleteHis first order is figuring out why we have over 25 vice presidents.
ReplyDeleteNobody puts Susie in the corner!
ReplyDeleteI worked with him at Marketwatch. The dude does not sleep. Ever. His is relentless and does not accept mediocrity. He's worth more money than all of us commenting here combined, so it's about the challenge, not the paycheck. So just a warning - get on the bandwagon, or jump off the train. There's no in between.
ReplyDeleteWow! I am thoroughly impressed! Someone with a brain, who is about more than tired marketing cliches and self aggrandizement (talkin' to you, MB) or appointing VPs to show that he has some authori-tay (that's you, Dave).
ReplyDeleteIt almost makes me wish I'd stuck around. But then I remember that the rest of Dysfunction Junction remains intact, and I'm once again happy that I left.
Good luck, Larry. You'll need it.
Day one done, he's still smart. Just wait a month or two and the blog will be ripe with comments on how much of a dummy he is.
ReplyDeleteHe is really over-qualified. Anyone else think he's taking this because what he really wants is Martore's job? just to show he can turn it all around?
ReplyDeleteIf Kramer doesn't want to work with mediocrity, he's in for a big surprise when he meets everyone at corporate. Let's hope he's persuasive enough to convince the board that everyone at the CP needs to go....NOW!
ReplyDelete