Politico CEO to Leave Later This Year
Ryan to depart after Allbritton TV deal closes, no successor in place.
Frederick J. Ryan Jr. is leaving Politico and parent company, Allbritton Communications, later this year, he¬†announced¬†late Sunday night.
Ryan (pictured), CEO and president of Politico and COO and president of Allbritton, will leave when the sale of the company's¬†television stations¬†is completed.
The sale‚ÄĒa $985 million deal announced in July, and expected to close by year's end‚ÄĒwill reportedly allow Allbritton chairman and CEO Robert Allbritton to increase the company's investments in digital media, like Politico. The first hint of the new strategy came earlier this month as Politico¬†purchased¬†city-centric news startup Capital New York for an undisclosed sum.
"This is a big moment in the life of our publication," Politico's executive team commented in an internal memo regarding Ryan's announcement. "It is one we have known is coming for some time, and it comes at a moment when we are well-positioned to begin a new chapter at Politico."
Ryan adds in a separate memo: "Although it has been a difficult decision to make, I have concluded that the closing of the sale will be the logical time to pursue other career options that have emerged in recent months and explore how best to put my business interests to work in a new arena.
"I will remain in my roles at Politico and Allbritton Communications Company until my work in closing the television sale is complete. This gradual transition will allow Robert Allbritton to think about his goals for the company and his options for my successor at Poltico."