Postmedia has extended president and CEO Paul Godfrey‘s contract by two years.
Godfrey’s contract will end on Dec. 31, 2020. It was set to expire in December 2018.
Chair of the board Rod Phillips said in a statement the extension was a strong sign of support from the board after the company completed its debt restructuring.
The plan reduced Postmedia’s total debt by about $307 million and annual cash interest expense by about $50 million.
Postmedia has continued to struggle financially following the restructuring and announced late last month it would reduce salary costs by 20% through voluntary staff buyouts and possible layoffs.
Godfrey, 77, has been the only person to serve as Postmedia’s president and CEO since it was formed in July 2010.
Photography by The Canadian Press
