Vincent Young has assumed the role and title of non-Executive Chairman of the Board of New Young Broadcasting and stepped down as CEO, according to a company memo from Chief Restructuring Officer Kevin Shea to Young employees dated Aug. 19 and obtained by B&C.
Shea's memo also says Jim Morgan, Chief Financial Officer of the company, will be leaving in October. "We've gotten to know and respect Jim over the past year and wish him well in his future endeavors," says Shea, in the memo.
A year has passed since Gray Television's deal to manage seven Young Broadcasting stations kicked in, yet Gray has remained on the sidelines.
Gray has been paid $2.2 million by Young in year one of a three-year deal. It's one of the more peculiar arrangements in local TV's recent history. Gray TV President/COO Robert Prather says Young, reborn as New Young Broadcasting after being taken over by its senior lenders, continues to pay on time.
Despite turning on the fee meter last summer, Young has told Gray's management to sit tight through the various court proceedings Young has been tied up in much of the past year.
The memo details other restructuring, including the retention of Deb McDermott as President.
Melissa Grego contributed to this report.