The Globe and Mail reports in its Friday edition that Paul Godfrey is stepping back from his role as chief executive officer of Postmedia Network after more than eight years, handing the reins to his planned successor during a challenging time for the country's largest newspaper chain. The Globe's Susan Krashinsky writes that the company announced on Thursday that president and chief operating officer Andrew MacLeod, 48, a relative newcomer to the media industry, has been appointed CEO; Mr. Godfrey will remain with Postmedia as executive chair and as an adviser to Mr. MacLeod. Mr. Godfrey has overseen a tumultuous period at the media company, as the print advertising and subscription revenues that still make up the bulk of the business have been deteriorating significantly. Postmedia has grappled with a heavy debt load and endured severe cost-cutting as it works to remain viable in a digital media landscape that has sapped the resources of many media companies dwarfed by tech giants such as Google and Facebook. With another major debt payment due in 2021, Postmedia's new CEO will continue to face similar challenges. Mr. Godfrey, who turns 80 this weekend, has a contract with the company until the end of next year.
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