William Randolph Hearst III Named Hearst Corp. Board Chairman
Fills one of two vacancies created by the death of his 84-year-old cousin.
*Editor's Note: This story originally appears on FOLIO: sister site, minonline.com.
William Randolph ("Will") Hearst III, a grandson of the late Hearst Corp. founder (1887) William Randolph Hearst, was elected Hearst Corp. chairman of the board of directors on Jan. 22. He is a former San Francisco Examiner editor/publisher and is a partner emeritus at the venture-capital firm Kleiner Perkins Caufield & Byers.
The 63-year-old Will Hearst fills one of two vacancies created by the June 25, 2012, death of his 84-year-old cousin, George R. Hearst, Jr., who had served as board chairman since 1996.
The remaining vacancy is at the 13-member Hearst Corp. Family Trust, which was established under the will of William Randolph Hearst (he passed away in 1951) and directs all financial matters.¬† Per the will, five of the 13 trustees must be family members, and Will Hearst is already among them.
Hearst Corp. CEO (since 1979) and executive vice-chairman Frank A. Bennack, Jr., announced Will Hearst's election. Concurrently, the board also added Hearst Newspapers president Mark Aldam, Hearst Corp. senior VP/general counsel Eve Burton, Hearst Corp. senior VP/chief financial officer Mitchell Scherzer, attorney Samia Staehle and former Hearst Magazines United Kingdom executive Christian A. Tarafa.
Staehle and Tarafa are both great-grandchildren of William Randolph Hearst.
Hearst Magazines president David Carey and president/marketing and publishing director (both since June 2010) Michael Clinton were previously elected to the board of directors. Neither is a trustee.