By Nathalie Tadena
The New York Times Co. (NYT) has named Joi Ito and Brian McAndrews to its board, bringing on two new directors with digital and venture-capital experience.
Mr. Ito, 46, is the founder and chief executive of venture-capital firm Neoteny Co. and general manager of Neoteny Labs, an early-stage investment fund focusing on Asia and the Middle East. He is also the chairman and former chief executive of nonprofit Creative Commons and is the director of the Media Lab at the Massachusetts Institute of Technology. He was an early investor in online companies such as Flickr, Kickstarter and Twitter.
Mr. McAndrews, 53, is a venture partner with Madrona Venture Group LLC, a venture-capital firm that funds technology companies. He previously was a senior vice president at Microsoft Corp. (MSFT) as well as the president and chief executive of digital-marketing company aQuantive Inc., which Microsoft acquired in 2007. He also has held several positions at Walt Disney Co.'s (DIS) ABC Inc., including executive vice president and general manager of ABC Sports.
New York Times, which also owns the Boston Globe, has remained mostly profitable in recent quarters as cost-cutting efforts and digital subscriptions helped offset persistent declines in advertising revenue. The company hasn't yet named a new chief executive after Janet Robinson, its former CEO, was forced out in December.
In April, New York Times reported sharply higher first-quarter profits, thanks to the sale of some local newspapers and the addition of more online subscribers.
Shares were off 0.4% to $6.81 after hours. The stock is off 12% since the start of the year.
Write to Nathalie Tadena at email@example.com
(END) Dow Jones Newswires
June 21, 2012 18:34 ET (22:34 GMT)
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