New York, NY - May 14, 2007 - Veronis Suhler Stevenson, a leading private equity investor in the media, communications, information and education industries, today announced that Leonard P. Forman, who most recently served as Chief Financial Officer and Executive Vice President of The New York Times Company, has joined its Board of Advisors.
The VSS Board of Advisors now consists of ten former media industry and government leaders, who provide advice and assistance to the firm’s private equity investment team on a broad array of topics, from investment sourcing, industry and regulatory trends to best operating and governance practices.
Forman brings to the VSS Board of Advisors extensive management, operations and business development experience gained with international companies in the new and old media industries and spanning multiple segments, including newspaper and magazine publishing, television and internet media.
Forman spent a significant part of his career with The New York Times Company. Prior to his most recent post as Chief Financial Officer and Executive Vice President, from which he retired in 2006, he served as President and Chief Executive Officer of The New York Times Company Magazine Group from 1998 until 2001. Forman started his career at The New York Times Company as Chief Economist and Director of Planning in 1974, a position he held for 12 years. He returned to The New York Times Company in 1996 as Senior Vice President of Corporate Development, New Ventures and Electronic Business.
Forman currently serves on two boards as an outside director: Wolters Kluwer, one of the world’s leading publishers and providers of information products and services, and TechTarget Inc., a primarily web-based media company that helps marketers reach targeted communities of IT professionals through a combination of websites, publications and conferences.
“We are pleased to have Len join our Board of Advisors. He can help us in many ways including finding new investment opportunities and working with our existing and future portfolio companies,” said John Veronis, Co-Founder and a Managing Partner of Veronis Suhler Stevenson. “His insights into how new technology affects traditional media, and drives the development of new media business models, will be invaluable,” added Jeffrey Stevenson,
Co-Chief Executive Officer and a Managing Partner of Veronis Suhler Stevenson. “I have known several members of the VSS team for many years, and have the highest respect for them and for the firm’s media industry expertise and their tradition of having operating executives as part of the VSS investment team,” commented Forman. “I am attracted to the VSS buy-and-build strategy for growing media companies, and I am looking forward to bringing my experience to bear on their current and future investments.”
Prior to returning to The New York Times Company in 1996, Forman spent 10 years working in television, online services, print media and advertising. In 1995, Forman served as President and Chief Executive Officer of a Nynex/Newsday joint venture for an electronic service that ceased when both companies altered their electronic strategies. From 1992 until 1994, Forman was Chief Operating Officer of the Newspaper Association of America (NAA), and from 1989 until 1992, he was President and Chief Executive Officer of the Newspaper Advertising Bureau, which merged with NAA in 1992. Forman served as Senior Vice President Operations at Telemundo, Inc., a Spanish language television company, from 1986 until 1989, and was responsible for all stations and network operations, including the Network’s programming facility.
Forman completed his Ph.D. dissertation in economics at New York University. He taught economics and management at Yale University, Queens College, Fordham University and Pace University.
Members of the VSS Board of Advisors, in addition to Forman, include:
David Arculus, former CEO of EMAP and IPC Group; Reginald Brack, former CEO of Time Inc.; Lawrence Crutcher, former senior executive of Time Inc and former Managing Director of VSS; Jan Froshaug, former CEO of The Egmont Group; Gene Jankowski, former President of the CBS Broadcasting Group and former VSS Managing Director; The Right Honorable Brian Mulroney, former Prime Minister of Canada; John Purcell, former President of SFN Companies, former EVP of CBS and former CFO of Gannett; Francois Roy, former CFO of Quebecor Inc. and of Telemedia Corporation; and Gerd Schulte-Hillen, former CEO of Gruner + Jahr and former Chairman of the Supervisory Board of Bertelsmann AG.
About Veronis Suhler Stevenson
Veronis Suhler Stevenson (http://www.vss.com) is a private equity firm that invests buyout and structured capital funds in the media, communications, information and education industries in North America and Europe. VSS provides capital for buyouts, recapitalizations, growth financings and strategic acquisitions to companies and management teams with a goal to build companies both organically and through a focused add-on acquisition program. To date, VSS equity and structured capital funds have invested in over 50 platform companies, which have in turn completed over 220 add-on acquisitions resulting in a portfolio with realized and unrealized enterprise values in excess of $12 billion.