Summit Business Media, which publishes The National Underwriter and other financial publications and web sites, today announced that Andrew L. Goodenough, president and CEO, has resigned.
The company said Thomas Flynn, the company’s chief financial and chief operating officer, will serve as interim CEO while it searches for a new CEO.
Goodenough’s departure comes about five months after a court approved a plan of reorganization for Summit Business Media Holding Co., which filed for bankruptcy protection in January when it was $252 million in debt.
At the time of its bankruptcy filing, the company blamed its financial problems on the recession, downturns in some of the sectors it serves, and an acquisition binge that started in 2006. It also cited challenges in publishing as the industry moves from traditional print to digital offerings.
Several other business-to-business media firms — including Penton, Cygnus and Questex — have recently gone through Chapter 11 reorganizations.
Late last month, Summit announced it had sold its insurance financial information unit, Highline Data, to SNL Financial. Terms were not disclosed.
Charles G. McCurdy, chairman of Summit’s board of directors, said the company will be “accelerating” its digital delivery of editorial and data products, and will continue to support the expansion of its global events programs. “These will be the key components of our strategy going forward,” he said.
In the property/casualty insurance media field, Summit is a competitor of Wells Publishing, publisher of Insurance Journal, Claims Journal.com and MyNewMarkets.com.
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