Univision Communications Inc. has confirmed reports that Randy Falco intends to step down as CEO at year-end.
Its board wants Falco to help with the company's restructure in 2019. It has also asked him to coordinate as the company moves to a new leadership, board Chairman Haim Saban said.
The eight-year Univision CEO's decision comes a day after parent Univision Holdings Inc. requested to withdraw its proposed IPO "due to prevailing market conditions." The company initially filed for the IPO in July 2015.
Univision's investors assigned a consulting firm to review its operations, which could lead to cost cuts of about $200 million and layoffs, The Wall Street Journal reported March 7, citing sources.
The company has also recently appointed Peter Lori as CFO, replacing Francisco Lopez-Balboa, who decided to leave the company to pursue other opportunities. Lori has earlier served as interim CFO.
