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Despite having extended CEO Randy Falco’s contract through 2020 last November, Univision has now confirmed that he will retire by the end of 2018.
The accelerated retirement plan comes during a 24-hour period when the company ditched its long-planned IPO stratregy and replaced its CFO.
Univision - Statement - Deadline - Flurry - Reports
Univision provided a statement to Deadline after a flurry of reports described friction between Falco and the company’s board. “There are multiple rumors out there and on behalf of the Univision Board I would like to set the record straight about our CEO Randy Falco,” said the statement from Haim Saban, Chairman of the Board Directors for Univision Communications Inc. and the Board of Directors of UCI. “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 8 year tenure as the CEO of Univision. Let me be clear we at the Board of Univision have reluctantly agreed to Randy’s wishes out of respect and the high regard we have for him as a partner. During his time as CEO he has modernized the Univision organization, grown earnings and reduced debt at record levels and we could not be more pleased with his performance. We have asked Randy to work with us over the next year in restructuring the company and consult with the board on a transition to new leadership.”
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