(Reuters) - Spanish language broadcaster Univision Communications Inc said its Chief Executive Randy Falco has announced he will retire at the end of this year.
The announcement comes a day after the company withdrew its IPO plans of up to $100 million, blaming rough market conditions for publicly listed media companies.
“Recently Randy came to us and told us that he would like to retire at the end of 2018 when he will turn 65 years old and end an outstanding eight-year tenure as the CEO,” Haim Saban, chairman of the Board of Univision told Reuters.
The announcement was first reported by the Wall Street Journal. The report also mentioned that Univision would undertake a business review that could lead to cost cuts of up to $200 million, including layoffs.
The business review of the company aims to improve performance and spruce it up in advance for a potential sale, The Journal reported, citing sources. (on.wsj.com/2FkL2lL)
Univision said they have asked Falco to assist the board with leadership transition and restructuring over the next year.
(This version of the story corrects source in paragraph 3 to Haim Saban, chairman of the board of Univision, instead of Univision representative Bobby Amirshahi)
Reporting by Ahmed Farhatha and Ishita Chigilli Palli in Bengaluru; Editing by Grant McCool and Lisa Shumaker