Paxson Communications Corp. exec John DeLorenzo has ankled his post as chief financial officer, the company announced Friday.
DeLorenzo, who joined the company just eight months ago, also has departed Paxson’s board of directors. Both moves are effective immediately.
NBC’s recent 32% acquisition of Paxson changed the structure of his job, DeLorenzo said, noting, “I came to Pax to build the network. It was exciting for me to work on the capital structure of the company, that’s where we were going.”
Reduction in oversight
But with NBC picking up some of Pax’s oversight, DeLorenzo said the opportunity for any more entrepreneurial oversight was limited.
“It’s certainly a much different company now than when I joined eight months ago,” he said. “Fortunately for the company, they did this NBC deal. But NBC is very much integrating into the company. It appears likely NBC will figure out a way to exercise its option (to acquire the remainder of Pax) when the time comes.”
Seth Grossman, senior vice president of corporate development and investor relations, temporarily will assume the CFO duties. Jeff Eck, the NBC executive handling double duty as Pax’s chief of operations, will help search for a replacement.
“While we complete our search for a permanent CFO, the company’s financial matters will be in good hands with Seth Grossman,” Pax CEO Jeff Sagansky said.
DeLorenzo had operated his own real estate development company before joining Paxson this spring. Prior to that, he was executive vice president and chief financial officer at Norman Lear’s Act III for eight years.