Gary Pruitt emerges!... denies resignation from family trusts is a prelude to anything

Responding to a Wall Street Journal article published today, the McClatchy company issued a press release including a statement from Gary Pruitt. In the statement, Pruitt denied his resignation from 4 family trusts is a prelude to any moves.

"I have been one of four trustees of these trusts for the past five years and it has always been my intent to name a successor trustee to replace me," Pruitt said. Last week Pruitt named McClatchy board member Leroy Barnes, Jr. as his successor trustee. "Given Leroy's tenure on our board, his financial expertise and his working relationship with McClatchy family members, I felt it was the right time to make this transition. This was my independent decision and it should not be read as a precursor to any move by the company or McClatchy family, including taking the company private or altering its capital structure. Any statements or speculation to the contrary are incorrect," he added. "The company is working hard to navigate this period of transition in our in industry and we are continuing to make good progress on a number of fronts. I remain confident of McClatchy's future success," Pruitt said.

Bizarre stuff. Pruitt gives no explanation for the timing of his resignation. "It has always been my intent to name a successor trustee to replace me" doesn't answer the timing question.

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