NEW YORK, Dec. 17, 2015 /PRNewswire/ -- The Board of Directors of TheStreet, Inc. (NASDAQ: TST), a leading digital financial media company, announced today that Lawrence "Larry" S. Kramer has been appointed Non-Executive Chairman of the Company's Board of Directors, effective immediately.
Following the recent departure of Lead Independent Director Mark Walsh, TheStreet's Board of Directors unanimously determined that the separation of the Chairman and CEO roles was appropriate at this time in accordance with best practices of good corporate governance, a guiding principle of TheStreet's corporate strategy and an important step for the future of the Company.
Mr. Kramer, a Director of TheStreet since October 2015, has decades of leadership experience as the founder, executive and board member of public and private media companies. Mr. Kramer has been a leader in digital financial media since the start of the industry, having founded and led CBS MarketWatch. Most recently, Mr. Kramer was the President and Publisher of USA Today where he transformed an iconic newspaper from a largely print publication to a leading digital news platform. Mr. Kramer continues as a board member of the Gannett Company.
Elisabeth DeMarse, CEO and President, said, "The departure of Mark Walsh as Lead Director provided a tremendous opportunity to bring Mr. Kramer in as Chairman. I am especially excited about the energy Larry brings to our consumer businesses. Our Company has grown 35% over the past three years, and Larry serving as Chairman strengthens our bench considerably as we are a larger, more complex organization."
Mr. Kramer said, "I look forward to partnering with Elisabeth DeMarse and her highly experienced senior leadership team. The entire Board is excited about TheStreet's future, based on its growth opportunities in business-to-business subscription revenues, footprint in consumer businesses, strong management team and talented employees. I am particularly excited about our plans to bring our great content to new platforms and audiences."
James "Jim" J. Cramer, Founder of TheStreet, said, "Larry has been a valuable addition to the Board of Directors of TheStreet and we welcome his appointment as Non-Executive Chairman. I continue to look forward to working day-to-day with Elisabeth who has taken significant steps to transform the Company into a leading digital financial media enterprise with multiple revenue streams including TheDeal and BoardEx, two excellent acquisitions made since her arrival. In this day and age, the corporations I have studied that have a separate Chairman and CEO represent the best in class of corporate governance, and this appointment solidifies that imperative for our own Company as it heads into 2016, our twentieth anniversary."
Lawrence S. Kramer
Mr. Kramer has over 40 years of experience in media and publishing. He currently serves on the board of directors of Gannett Co., Inc. and previously served Gannett Co., Inc. as President and Publisher of USA Today from May 2012 to June 2015. Prior to joining Gannett, he was a media consultant and adjunct professor of Media Management at the Newhouse School of Communications at Syracuse University.
From January 2008 to January 2010, Mr. Kramer was a Senior Advisor of Polaris Venture Partners. From March 2005 until March 2008, he served in a number of positions at CBS, including President of CBS Digital Media. Prior to joining CBS, he was Chairman, CEO and Founder of MarketWatch, Inc. until its sale to Dow Jones in January 2005. He was Founder, Executive Editor, and President of Data Sport Inc. from 1991-1994 and joined Data Broadcasting Corp. as Vice President in 1994 following its acquisition of Data Sport. Prior to founding Data Sport, he spent more than 20 years in journalism as a reporter and editor, including as Assistant
Managing Editor and Metro Editor of the Washington Post and Editor of the San Francisco Examiner.
While a journalist, he won several awards for reporting, including the National Press Club Award, and while an editor, his staffs won two Pulitzer Prizes. Mr. Kramer serves on the board of directors of Harvard Business Publishing and the board of trustees of Syracuse University. He was a founding board member and former Chairman of The Online Publishers Association and previously served on the public company boards of Discovery Communications, Inc. (2008-2012) and Answers Corp. (2005-2011).
TheStreet, Inc. (www.t.st) is a leading independent digital financial media company providing business and financial news, investing ideas and analysis to personal and institutional investors worldwide. The Company's portfolio of business and personal finance brands includes: TheStreet, RealMoney, Action Alerts PLUS and MainStreet. To learn more, visit www.thestreet.com. The Deal, the Company's institutional business, provides intraday coverage of mergers and acquisitions and all other changes in corporate control, and through its BoardEx product, director and
officer profiles. To learn more, visit www.thedeal.com and www.boardex.com. RateWatch, the Company's business unit, provides rate and fee data from banks and credit unions across the U.S. for a wide variety of banking products. To learn more, visit www.rate-watch.com.
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SOURCE TheStreet, Inc.