TORONTO - Dennis Skulsky is stepping down as head of the publishing division of Canwest Global Communications Corp. in what he described Friday as a "very personal decision" that does not signal any change in strategic direction for the company, which is up for sale.
Skulsky, president and CEO of Canwest Limited Partnership since 2006, said in an emotional memorandum to staff that he wanted to spend more time with his family as well as pursue opportunities closer to his home in British Columbia.
Canwest LP, a subsidiary of Canwest Global (TSXV:CGS) is operating under court protection from creditors. Most of the newspaper division's lenders support a sale of the business, which operates big city papers such as the Vancouver Sun, Calgary Herald, National Post, Ottawa Citizen and Montreal Gazette.
Skulsky will continue to lead Canwest LP's newspaper and other publishing operations and actively participate in its ongoing financial restructuring efforts until the resignation takes effect April 30, Canwest said.
He will also be available as an adviser to the special committee of Canwest's board of directors and Canwest LP's senior management until the end of August.
"This was a very personal decision and one that I made with my closest advisers - Skulsky said in his memo to staff, citing among other things a serious health scare in his family in the past year as well as the birth of his first grandchild.
"The decision I have made is not a signal of any change of strategic direction for the publishing group," he added.
"I will be fully engaged in our operations and the financial restructuring process until the end of April. After that, I will continue to provide advice to the special committee and senior management team until the end of August."
Skulsky lauded Canwest staff across the country for their efforts during the restructuring process, saying "our operations have continued to move forward delivering news and information to engaged readers" despite the difficulties.
A report this week said Skulsky could be in line for the job as head of the B.C. Lions of the Canadian Football League.
Skulsky took over at Canwest LP in May 2006 after spending the previous six years as president and publisher of the Pacific Newspaper Group, which operates the Vancouver Sun and the Province daily newspapers.
Winnipeg-based Canwest Global, which owes billions of dollars to its creditors, is operating under court supervision. The company has already sold its TV operations to Calgary-based Shaw Communications (TSX:SJR.B), Canada's second biggest cable TV operator, but that deal has been challenged in Ontario appeals court.
Earlier this month, Leonard Asper resigned as Canwest's president and CEO saying he intended to "pursue other business opportunities and avoid any conflict of interest."
Asper was involved in a failed bid to buy Canwest's broadcast division, and has reportedly also made a separate offer for the newspaper assets.