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Business Briefing / PUBLISHING

McClatchy CEO quits trusts

September 06, 2008|From Times Wire Services

McClatchy Co. Chief Executive Gary Pruitt resigned from family trusts that control about 41% of the newspaper company's voting power.

The trusts hold 12.5 million of the Class B shares that carry 10 votes each, the Sacramento company said in a regulatory filing. Pruitt owns 1.2% of the Class A shares that have one vote.

The 51-year-old executive's departure as co-trustee could be a sign that the founding McClatchy family plans to review its options for the company, said Ken Doctor, an analyst at media consulting firm Outsell Inc. McClatchy, owner of the Sacramento Bee, has lost 93% of its market value since March 2006.

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