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Gannett Co. announced that Alison Engel would be stepping down as chief financial officer at the end of the first quarter to pursue other opportunities.
The company’s current treasurer, Mark Maring, is expected to lead the finance function after Engel’s departure until a new CFO is appointed. Maring most recently served as treasurer of GateHouse Media, the operating subsidiary of New Media Investment Group, for 10 years prior to its merger with Gannett.
Gannett was formed in November 2019 from the merger of New Media Investment Group Inc. and Gannett Co. which created the largest media company in the U.S. by print circulation. The company owns USA Today, more than 260 daily local newspaper brands, digital marketing services companies and U.K. media company Newsquest. Following the merger, the company faces pressure to execute its plan to shed $275 million to $300 million in overlapping costs on an annual basis within 18 to 24 months.
At the time of the announcement of the merger and key executives, Engel was expected to continue as chief financial officer of the combined company. Engel was named CFO of Gannett in June 2015 after joining the company as its vice president of finance six months prior. Previously, she was chief financial officer and treasurer of A.H. Belo Corporation for six years following its spin-off in 2008 from Belo Corp.