MEREDITH CORPORATION (NYSE:MDP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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MEREDITH CORPORATION (NYSE:MDP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On January29, 2018, Meredith Corporation (the Company) announced that its Board of Directors elected Mr. Thomas Harty as President and Chief Executive Officer (CEO), and Mr. Stephen M. Lacy as Executive Chairman, effective February1, 2018. Mr. Harty, 55, currently President and Chief Operating Officer (COO), will succeed Mr. Lacy, 63, as CEO.

Mr. Harty joined Meredith in 2004 as Vice President of its Magazine Group and subsequently served as its Chief Revenue Officer and President of Consumer Magazines. He was named National Media Group President in 2010 before being promoted to President and Chief Operating Officer in 2016.

Mr. Lacy, a member of the Board of Directors since 2004, joined Meredith as Chief Financial Officer in 1998. He was named President of the Meredith Publishing Group in 2000; President and Chief Operating Officer in 2004; and President and CEO in 2006. In 2010, Mr. Lacy was elected Chairman of the Board.

No new employment agreements have been executed in conjunction with these promotions. Mr. Harty's new base salary will be $900,000 and the new percentage of base salary payable as a target bonus under the management incentive program shall not be less than 100 percent (actual Company financial results may result in an actual bonus paid equal to less than or more than 100 percent of base salary). Mr. Lacy's new base salary will be $850,000.


About MEREDITH CORPORATION (NYSE:MDP)

Meredith Corporation is a diversified media company. The Company is focused primarily on the home and family marketplace. The Company operates through two segments: Local Media and National Media. As of June 30, 2016, the Company’s Local Media segment includes 16 owned television stations, one managed television station and related digital and mobile media operations. Its National Media segment includes magazine publishing, custom content and customer relationship marketing, digital and mobile media, brand licensing, database-related activities, and other related operations. Its National Media segment focuses on the food, home, parenthood, and health markets and is a publisher of magazines serving women. As of June 30, 2016, the Company’s owned television stations consist of seven CBS affiliates, five FOX affiliates, two MyNetworkTV affiliates, one NBC affiliate, one ABC affiliate and one independent station. The National Media segment also focuses on run-of-press display advertising.

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