Exhibit 99.1
FOR IMMEDIATE RELEASE
February 19, 2020
TEGNA Adds Karen Grimes to Board as Independent Director
Tysons, VA – TEGNA Inc. (NYSE: TGNA) today announced that Karen Grimes has been appointed to TEGNA’s Board of Directors as a new independent director, effective immediately.
Ms. Grimes, 63, spent more than 20 years at Wellington Management Company, a leading investment management firm, where she was a partner, senior managing director and equity portfolio manager until her retirement in 2018. Previously, she spent 12 years in portfolio management and investment research positions at three other investment firms.
The addition of Ms. Grimes is part of the Board’s ongoing refreshment process which has added six highly qualified new independent directors over the past five years, including four since December 2017. TEGNA’s Board now includes 12 directors, 11 of whom are independent. Their wealth of diverse experience, deep industry knowledge, track record in M&A, and other complementary skills help TEGNA continuously evaluate opportunities to increase shareholder value.
TEGNA continues to adopt governance practices designed to reinforce its shareholder orientation and foster accountability to all of TEGNA’s stakeholders. These include separation of the Chairman and CEO role and the adoption of proxy access in 2018, investing in diversity-related development programs and initiatives reflecting TEGNA’s longstanding commitment to strong environmental, social and governance practices, and a robust shareholder engagement program.
“Karen Grimes is a highly respected institutional investor with senior management and Fortune 500 Board experience, and we are pleased to welcome her to TEGNA’s Board,” said Chairman Howard Elias. “Karen’s deep investment experience and returns-focused mindset from years overseeing investment strategy will be enormously valuable to the Board as we maintain a relentless focus on creating value for all TEGNA shareholders.”
Dave Lougee, president and chief executive officer, added, “Karen will bring an investor perspective to the TEGNA Board, and we look forward to leveraging her vast investment experience and independent viewpoint. We believe her insights will help us continue to execute effectively on our five pillar value-creation strategy and drive profitable growth both organically and through additional acquisitions.”
Karen Grimes said, “I am honored to be joining the TEGNA Board at such an important time in the Company’s strategic evolution in a rapidly changing industry landscape. I look forward to working with my fellow directors and the management team to provide the active oversight that will help TEGNA continue to deliver value for shareholders.”