Marshall N. Morton will retire as president and CEO of Richmond-based Media General Inc. at the end of this year.
He will be succeeded by George L. Mahoney, 60, who is vice president-growth and performance. Mahoney will serve as vice president, chief operating officer, until the end of the year.
Morton, 66, joined Media General as senior vice president in 1989 and was vice chairman and chief financial officer before becoming president and CEO in 2005.
He recently presided over the sale of 63 of the company’s newspapers, including eight Virginia dailies, to a subsidiary of Omaha. Neb.-based Berkshire Hathaway for $142 million . Berkshire Hathaway also provided Media General with a $400 million loan and $45 million revolving credit line.
After selling the newspapers, Media General became primarily a television broadcaster, with 18 network-affiliated stations.
As vice president-growth and performance, Mahoney has been responsible for Media General’s digital media and mobile operations. He also has been responsible for central broadcast television operations, including master control, traffic and graphics.
He joined Media General in 1993 as general counsel and corporate secretary and became a corporate vice president in 2006.
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