Source Interlink, the company that made headlines last year when it acquired Primedia’s Enthusiast Media Group for $1.2 billion, has named Greg Mays chairman and CEO.
It was not immediately clear what the circumstances were surrounding the departure of the company’s former top executive Michael Duckworth. A spokesperson did not immediately return a request for comment.
Mays, who serves as a director of the Great Atlantic & Pacific Teas Company, has been a member of Source’s board of directors since 2005, and served as chairman of its compensation and corporate governance committees. In a statement, Ron Burkle, a managing partner at Source co-owner Yucaipa Companies, called Mays “an ideal leader.”
Source Interlink stocks fell 1.47 percent today to $0.335 per share—a 52-week low.
Mays takes the helm during a tough financial time for the Bonita Springs, Florida-based distributor and enthusiast magazine publisher. Citing declines in advertising and circulation revenues in its media division, the company reported a net loss of $296.7 million for the six month period ending July 31, compared to a $4 million net income for the same period last year. Net revenue for the period was $1.1 billion, up from $909 million during the period last year.
At the time, Source indicated it merged three “underperforming” titles with other titles within its portfolio during the period. The folded titles, according to a company spokesperson, were Car Audio and Electronics, Stock Car Racing and Mini Rider. The spokesperson declined to say into what magazines the shuttered titles were folded, or when exactly the action took place.
Source publishes more than 75 magazines—including Motor Trend, Automobile and Power & Motoryacht—and distributes DVDs, CDs and books.