Meredith announced today that CEO William Kerr will step down from his post in July. President and COO Steve Lacy will succeed him.
Kerr will remain on the company’s board as non-executive chairman.
The move is "part of a planned succession in line with Meredith’s historical practices," according to the company.
Kerr, the consumer CEO for FOLIO:’s 2005 Dream Team, led the company through its $350 million acquisition of five of G+J USA’s beleaguered parenting titles (Parents, Child, Fitness, Family Circle and Ser Padres) last year. The acquisition made Meredith the second-largest publishing company by circulation.
Last week, the company reported a strong second quarter for its 2006 fiscal year. Revenues rose 31 percent to $386 million and advertising revenues increased 32 percent to $232.1 million, according to company reports.