Donald E. Graham is retiring as CEO of Graham Holdings Company, with president Timothy O’Shaughnessy taking over, effective immediately.
Graham, 70, the CEO and chairman since 1991, will continue as chairman of the board of directors. O’Shaughnessy, 33, Graham’s son-in-law, joined Graham Holdings in 2014 as president following the sale of The Washington Post, where Graham had served as publisher since 1979. Formerly the CEO of LivingSocial, O’Shaughnessy has supervised investments and acquisitions at Graham Holdings and guided the company’s direction.
“Tim O’Shaughnessy will be an outstanding CEO. He has good ideas and he can execute,” Graham said. "I have worked at the company since 1971, and I feel very lucky and grateful to every co-worker at every one of our businesses since then.”
Graham Holdings Company — which owns TV stations in Detroit, Houston, Orlando, San Antonio and Jacksonville — reported a 3% increase in third quarter revenue from its TV broadcasting division last week.
“Don and his mother, Katharine Graham, have taken a newspaper business and turned it into a diverse set of successful businesses that share a commitment to high standards for our customers, employees, and shareholders,” O’Shaughnessy said. “Our company has been uniquely positioned to focus on the long-term possibilities in business, and this philosophy will continue to serve as a true north. I am honored to work with Don, who will remain an active chairman, to build the next generation of this wonderful company.”
Graham Holdings also announced the election of Jim Shelton, chief impact officer at 2U, Inc., to the board of directors. A former deputy secretary at the U.S. Department of Education, Shelton has also worked at the Bill & Melinda Gates Foundation as program director for education.
“Jim Shelton, my fellow Washingtonian, has devoted much of his career to helping young people access opportunity to learn and achieve more,” Graham said. “His experience leading in the business, government, and nonprofit sectors is unique; and, he knows as much about innovation in education as anyone. As producing better learning and life outcomes becomes an even greater opportunity and priority for Graham Holdings, we couldn’t have a better new director.”