Nexstar Media Group, Inc. (Nasdaq: NXST) announced today the adoption of a new policy regarding the roles of Chairperson of the Board of Directors and Chief Executive Officer. According to the policy, these roles cannot be held by the same individual. The policy will come into effect once Nexstar’s Founder, Chairman, and Chief Executive Officer Perry Sook leaves the Company and the Board.
Mr. Sook's current employment agreement with Nexstar extends until March 31, 2026. As of September 30, 2023, he is the Company’s third-largest shareholder, holding approximately 4.6% of its outstanding shares. The Board believes this policy is in the best interests of the Company and its shareholders. It allows for Mr. Sook's continued leadership of Nexstar while ensuring a plan for future leadership transitions.
Mr. Sook founded Nexstar Media Group, Inc., in 1996 and has served as Chief Executive Officer since then. Under his leadership, Nexstar has experienced significant growth, becoming a leading diversified media company and America’s largest local broadcasting group, with revenue exceeding $5 billion for the twelve months ended September 30, 2023.
