– USA, VA – TEGNA Inc. (NYSE: TGNA) today announced that Karen Grimes has been appointed to TEGNA’s Board of Directors as a new independent director, effective immediately.
Ms. Grimes spent more than 20 years at Wellington Management Company, a leading investment management firm, where she was a partner, senior managing director and equity portfolio manager until her retirement in 2018. Previously, she spent 12 years in portfolio management and investment research positions at three other investment firms.
The addition of Ms. Grimes is part of the Board’s ongoing refreshment process which has added six highly qualified new independent directors over the past five years, including four since December 2017. TEGNA’s Board now includes 12 directors, 11 of whom are independent. Their wealth of diverse experience, deep industry knowledge, track record in M&A, and other complementary skills help TEGNA continuously evaluate opportunities to increase shareholder value.
“Karen Grimes is a highly respected institutional investor with senior management and Fortune 500 Board experience, and we are pleased to welcome her to TEGNA’s Board,” said Chairman Howard Elias. “Karen’s deep investment experience and returns-focused mindset from years overseeing investment strategy will be enormously valuable to the Board as we maintain a relentless focus on creating value for all TEGNA shareholders.”
Dave Lougee, president and CEO, added, “Karen will bring an investor perspective to the TEGNA Board, and we look forward to leveraging her vast investment experience and independent viewpoint. We believe her insights will help us continue to execute effectively on our five pillar value-creation strategy and drive profitable growth both organically and through additional acquisitions.”
TEGNA also announced that, upon the recommendation of the Nominating and Governance Committee, its Board of Directors has unanimously determined that it would not be in the best interest of TEGNA shareholders to add any of the four Standard General nominees to TEGNA’s Board.
About Karen Grimes
Ms. Grimes most recently served as team leader and equity portfolio manager for Wellington’s Global and U.S. Value Strategies. During her more than 20 years at Wellington, some of her media investments included CBS, Viacom, Fox, Comcast and several publicly traded advertisers.
At Wellington, Ms. Grimes served on Wellington’s Audit Committee, including as its chair, and the New Managing Director Nominating Committee. Before joining Wellington in 1995, she spent 12 years in portfolio management and investment research positions at Wilmington Trust Company, Butcher & Singer and First Atlanta Corporation. Earlier in her career, she worked for five years at IBM after serving for three years in the U.S. Army.
Karen Grimes said, “I am honored to be joining the TEGNA Board at such an important time in the Company’s strategic evolution in a rapidly changing industry landscape. I look forward to working with my fellow directors and the management team to provide the active oversight that will help TEGNA continue to deliver value for shareholders.”
Ms. Grimes currently serves on the Board of Directors of Toll Brothers, Inc. (NYSE: TOL) where she is a member of the Audit & Risk Committee. She graduated magna cum laude from Georgia State University with a Bachelor’s degree in Finance. She holds a Chartered Financial Analyst designation and is a member of the CFA Society of Philadelphia and the National Association of Corporate Directors.
TEGNA Inc. is an innovative media company that serves the greater good of our communities. Across platforms, TEGNA tells empowering stories, conducts impactful investigations and delivers innovative marketing solutions. With 62 television stations in 51 markets, TEGNA is the largest owner of top 4 affiliates in the top 25 markets among independent station groups, reaching approximately 39 percent of all television households nationwide. TEGNA also owns leading multicast networks Justice Network and Quest. TEGNA Marketing Solutions offers innovative solutions to help businesses reach consumers across television, email, social and over-the-top platforms, including Premion, TEGNA’s OTT advertising service.
For more information: https://www.tegna.com
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