After Exiting Bankruptcy, Dolan Co. Names New CEO
A couple of weeks after the Dolan Company emerged from bankruptcy, the Minneapolis-based provider of business information and professional services has appointed a new chief executive.
Dolan said in March that its founder and longtime leader, James Dolan, had stepped down as the company prepared to file for Chapter 11 bankruptcy protection. In the wake of his departure, Chief Financial Officer Vicki Duncomb and General Counsel Renee Jackson worked with Kevin Nystrom, who was appointed “chief restructuring officer” in January, to oversee the company's operations.
On June 12, Dolan emerged from bankruptcy as a privately held company—and on Monday, it appointed a new leader.
Mark McEachen was appointed Dolan's CEO, effective immediately, and he “brings an extensive body of leadership experience as an accomplished senior executive in media, information, and entertainment companies,” Dolan said.
McEachen most recently served as executive vice president and chief operating officer of Santa Ana, California-based Freedom Communications, Inc., an information and entertainment company whose portfolio includes daily and weekly newspapers in California, such as the Orange County Register, the Desert Dispatch, and the Long Beach Register. It also produces magazines, media websites, and mobile applications.
McEachen joined Freedom Communications in 2009, the same year that company filed for bankruptcy. It sold off some newspaper assets and broadcast properties, and in 2012, the company was acquired by a trust led by entrepreneur Aaron Kushner. According to a Los Angeles Times report, McEachen remained with Freedom Communications after the sale but was subsequently ousted under the new ownership. He left in February 2013, according to a Businessweek profile.
McEachen will take the helm at a leaner Dolan Company, which has said that its bankruptcy plan would allow it to cut debt by more than $100 million. Leading up to its bankruptcy, the company struggled with mounting losses stemming largely from its mortgage foreclosure processing businesses. It has also downsized in recent years by divesting some of its business units.
Todays, Dolan provides professional services and business information to the legal, financial, and real estate sectors. It publishes a variety of business journals and court and commercial media, and it also operates websites and produces events for legal and professional audiences in 19 U.S. markets. Its portfolio includes the Finance & Commerce newspaper in the Twin Cities.
Prior to joining Freedom Communications, McEachen was chief financial officer of Fabrik, Inc., a California-based maker and marketer of online content software and solutions. Before that, he was interim CEO and chief operating and financial officer of BridgeCo Inc., a “digital entertainment networking company.”
“Mark’s successful track record in the media and information industry makes him the right person to lead Dolan to new levels of success,” Sean Britain—a principal at Bayside Capital, Inc., which is now Dolan's majority owner—said in a statement. “He is a proven leader who will build upon the company’s strong foundation.”
“I look forward to working closely with a very talented team as we continue to grow the company and realize its full potential,” McEachen said.