In an announcement released prior to Monday’s Opening Bell on Wall Street, the Michigan-based company announced “with great respect and sorrow” the passing of Ed Christian.
Christian passed away on Friday (8/19), after a short illness.
Warren Lada, a member of Saga’s Board of Directors and former Chief Operating Officer, has been appointed by the company’s board to serve as the Interim CEO.
“The Board is confident that Warren’s vast experience in the broadcast industry as a sales representative, sales manager, general manager, Vice President of Operations and ultimately as Chief Operating Officer of the company will fill the void that Ed leaves as the company prepares for the next chapter in ‘Saga’s ongoing adventure,’” the company said.
Christian founded Saga Communications in 1986 and fostered its growth. It included ownership of television stations. Ultimately, Saga opted to focus on broadcast radio, and today owns 79 FM radio stations, 35 AM radio stations and 80 translator stations in 27 markets.
Under Christian’s leadership Saga in 1992 became a publicly traded company. It trades under the ticker symbol “SGA” on the Nasdaq stock exchange and was valued at $24.80 ahead of Monday’s Opening Bell. Saga has historically been one of the radio industry’s strongest performers on Wall Street, and the company recently increased its quarterly dividend payment; SGA went ex-dividend on June 10.
In prepared comments, the company said of Christian, “The broadcast industry has lost a pioneer and giant. Saga expresses its heartfelt condolences to the Christian family and Ed’s friends and colleagues. Ed will be missed but not forgotten. He is and was a true radio broadcaster that never lost sight of his ‘true north’ in an industry he loved.”
Additional coverage of the passing of Ed Christian will appear later in the day on August 22 at RBR.com.
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