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CEO of New York Times Co.'s About.com online business will leave

CEO of New York Times Co.'s About.com online business will leave

The New York Times Co., which is under pressure from a large investor to revamp its online business, is parting ways with one of its top Internet executives, the head of its About.com unit.
The departure of Scott Meyer comes as the Times and other newspapers are working hard to build up their revenues from online advertising amid a deepening slump in their mainstay print advertising revenues.
Meyer said in a note to his staff that following discussions with Martin Nisenholtz, the head of digital operations at The New York Times Co., Meyer would leave About and the Times company next Thursday, March 6. A search for his replacement will begin soon, he said.
Meyer's departure was reported earlier Wednesday by PaidContent.org, an online news site.
The Times is gearing up for a proxy showdown with Harbinger Capital, an investment firm which owns 19 percent of the company. Harbinger wants to nominate its own candidates for the four directors that are elected by holders of the Times' publicly traded Class A shares.
The Sulzberger family, which also owns about 19 percent of the company, elects the other nine directors through a special class of Class B shares which they control.
Harbinger, working with New York University marketing professor Scott Galloway, is pressing for the Times to jettison some of its assets and focus on building up its digital businesses.
The Times has said it would meet with Harbinger's candidates and consider them for nomination. But in its initial proxy statement filed last week, the company urged shareholders not to vote for Harbinger's nominees. The Times' annual meeting is scheduled for April 22.
The New York Times Co. purchased About.com, an online consumer information company, for $410 million in cash from the magazine publisher Primedia Inc. in 2005.