Gray Television announced that CFO Jim Ryan plans to retire after 2025 and that Ryan will be succeeded by Jeff Gignac.
Gignac is currently a managing director and head of media and telecom investment banking at Wells Fargo Securities.
Gignac will join Gray effective April 1 as executive VP, finance. He will become CFO on July 1, working closely with Ryan and through the end of 2025.
“Jim has made tremendous contributions to Gray Television during his 25-year tenure,” said Gray’ executive chairman and CEO Hilton Howell. “He has helped guide the company through a period of tremendous growth, innovation, and transformation that has made Gray the industry leader that we are today. His steady leadership will be missed but will not be forgotten.”
Ryan joined Gray as CFO in 1998 when Gray acquired Busse Broadcasting.
With Ryan minding the store, Gray divested its newspapers, paging and satellite uplink businesses, while acquiring scores of television stations through multiple transactions.
Ryan will remain with Gray as a senior advisor through his retirement to assist with a seamless transition of his duties.
“We are fortunate that Jeff Gignac will join Gray’s senior leadership team as our next CFO. Over the past several years, Jeff has led our debt financing efforts for the Raycom and Meredith transactions and the AR securitization facility,” said Howell. “With Gray’s current focus on deleveraging and prudent balance sheet management, Jeff is the perfect candidate to lead our finance functions for the next chapter of our corporate history.”
