'Star Tribune' CFO Resigns for New Job amid Turmoil

Article excerpt

Mike Riggs, chief financial officer and vice president for finance at The Star Tribune in Minneapolis, Minn., is leaving the paper, according to Publisher Par Ridder. In a memo to staff, first posted on the Poynter.org Romenesko Web site, Ridder revealed that Riggs is leaving to become an executive at the Meredith Corporation in Des Moines, Iowa.

"This is an excellent opportunity for Mike. Meredith is one of the nation's leading media companies, with premier magazine, television and book businesses, and Mike will be in a top leadership position there," Ridder wrote. "It was an offer he couldn't refuse."

Riggs' departure comes at a turbulent time for the paper, which is facing legal action from the rival St. Paul Pioneer Press for Ridder's alleged theft of competitive information taken when he left his former post as publisher of the Pioneer Press. Riggs was among the executives named in a Pioneer Press lawsuit claiming Ridder broke a non-competition agreement, according to the Star Tribune.

Ridder's entire memo is posted below:

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July 18, 2007 - Mike Riggs, our CFO and senior vice president for finance and information technology, will be leaving the Star Tribune July 31 to become a senior vice president at Meredith Corporation in Des Moines, Iowa.

This is an excellent opportunity for Mike. Meredith is one of the nation's leading media companies, with premier magazine, television and book businesses, and Mike will be in a top leadership position there. It was an offer he couldn't refuse.

While we are happy for him and understand his decision, we will miss his outstanding contributions at the Star Tribune. …