Postmedia issued a terse press release Thursday stating Mr. Irving was resigning from the board to pursue other opportunities, but provided no further detail
s. Lead director Peter Sharpe, who was previously chief executive of Cadillac Fairview Corp., will serve as interim chair, the company said.
Mr. Irving joined Postmedia’s board as a director in April, 2022 after the company paid more than $16-million to purchase Brunswick News Inc., the media arm of the Irving family holdings. One of the wealthiest clans in Canada, the Irvings own industrial businesses that span forestry, oil and shipbuilding. The sale of Brunswick News, which includes the Telegraph-Journal in New Brunswick, marked the family’s exit from the media business.
Postmedia now has more than 130 titles and websites under its corporate umbrella, including the National Post, Montreal Gazette and the Ottawa Citizen. But the company is saddled with a heavy debt load, which it took on when it was formed out of the bankruptcy of CanWest Global Communications Corp. While the introduction of a parcel delivery service has boosted revenue, Postmedia has repeatedly slashed costs, laid off employees, and sold real estate in recent years.
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