Nexstar Media Group’s board of directors has decided that separating the jobs of chairman and CEO would be a good idea, but it won’t be implemented until founder Perry Sook leaves the company.
Sook, Nexstar’s chairman and CEO, is the company’s third largest shareholders with a 4.6% stake in the broadcaster. His current employment agreement with Nexstar runs through March 31, 2026.
According to the company, the Board believes the adoption of this policy is in the best interests of the company and its shareholders, as the new policy does not interfere with Sook’s continued leadership
of Nexstar and the benefits he brings to Nexstar, while establishing a plan that provides a runway for the most qualified individuals to serve as CEO and chairperson in the future.
Sook founded Nexstar in 1996. It has grown into one of the largest broadcasters, with annualized revenues of more than $5 billion.
