The Lietuvos Rytas newspaper is Lithuania's largest by circulation. Photo by Nathan Greenhalgh/Baltic Reports
VILNIUS — The general director of Lietuvos Rytas resigned his position on Wednesday and the editor-in-chief of the media company’s newspaper namesake Gedvydas Vainauskas is replacing him.
Gintautas Mažeika, formerly the chairman of the board of now-defunct national energy company LEO LT, was hired to head Lithuania’s largest media company only in January of [private_supervisor]this year. However, the company reports that under his stewardship the red ink from weak advertising sales continued to pile up. The Lietuvos Rytas newspaper has made steady losses since 2008 as the economic crisis, reflecting the 46 percent drop in advertising Lithuanian papers overall experienced last year.
While the announcement Wednesday called the resignation a “mutual agreement” only on Tuesday Mažeika told the business newspaper Verslo Žinios that he was not expecting to resign at all.
On Wednesday Vainauskas said that the company was expecting Mažeika’s tenure to be short, tasking him with handling the restructuring of the company.
“In order to effectively manage the Lietuvos Rytas company through the difficult economic crisis, Gintautas Mažeika was put in the leadership position,” Vainauskas said in a statement to the press.
“For several months Mr. Mažeika and his team managed, at top international standards, the reorganization of sales, marketing, finance, daily newspaper subscriptions. Now there are new winds behind the Lietuvos Rytas print and broadcast divisions. We believe Mr. Mažeika had this mission entrusted to him during this short period of time, and his ideas will be useful for further improving the company’s activities,” Vainauskas said. [/private_supervisor] [private_subscription 1 month]this year. However, the company reports that under his stewardship the red ink from weak advertising sales continued to pile up. The Lietuvos Rytas newspaper has made steady losses since 2008 as the economic crisis, reflecting the 46 percent drop in advertising Lithuanian papers overall experienced last year.
While the announcement Wednesday called the resignation a “mutual agreement” only on Tuesday Mažeika told the business newspaper Verslo Žinios that he was not expecting to resign at all.
On Wednesday Vainauskas said that the company was expecting Mažeika’s tenure to be short, tasking him with handling the restructuring of the company.
“In order to effectively manage the Lietuvos Rytas company through the difficult economic crisis, Gintautas Mažeika was put in the leadership position,” Vainauskas said in a statement to the press.
“For several months Mr. Mažeika and his team managed, at top international standards, the reorganization of sales, marketing, finance, daily newspaper subscriptions. Now there are new winds behind the Lietuvos Rytas print and broadcast divisions. We believe Mr. Mažeika had this mission entrusted to him during this short period of time, and his ideas will be useful for further improving the company’s activities,” Vainauskas said. [/private_subscription 1 month] [private_subscription 4 months]this year. However, the company reports that under his stewardship the red ink from weak advertising sales continued to pile up. The Lietuvos Rytas newspaper has made steady losses since 2008 as the economic crisis, reflecting the 46 percent drop in advertising Lithuanian papers overall experienced last year.
While the announcement Wednesday called the resignation a “mutual agreement” only on Tuesday Mažeika told the business newspaper Verslo Žinios that he was not expecting to resign at all.
On Wednesday Vainauskas said that the company was expecting Mažeika’s tenure to be short, tasking him with handling the restructuring of the company.
“In order to effectively manage the Lietuvos Rytas company through the difficult economic crisis, Gintautas Mažeika was put in the leadership position,” Vainauskas said in a statement to the press.
“For several months Mr. Mažeika and his team managed, at top international standards, the reorganization of sales, marketing, finance, daily newspaper subscriptions. Now there are new winds behind the Lietuvos Rytas print and broadcast divisions. We believe Mr. Mažeika had this mission entrusted to him during this short period of time, and his ideas will be useful for further improving the company’s activities,” Vainauskas said. [/private_subscription 4 months] [private_subscription 1 year]this year. However, the company reports that under his stewardship the red ink from weak advertising sales continued to pile up. The Lietuvos Rytas newspaper has made steady losses since 2008 as the economic crisis, reflecting the 46 percent drop in advertising Lithuanian papers overall experienced last year.
While the announcement Wednesday called the resignation a “mutual agreement” only on Tuesday Mažeika told the business newspaper Verslo Žinios that he was not expecting to resign at all.
On Wednesday Vainauskas said that the company was expecting Mažeika’s tenure to be short, tasking him with handling the restructuring of the company.
“In order to effectively manage the Lietuvos Rytas company through the difficult economic crisis, Gintautas Mažeika was put in the leadership position,” Vainauskas said in a statement to the press.
“For several months Mr. Mažeika and his team managed, at top international standards, the reorganization of sales, marketing, finance, daily newspaper subscriptions. Now there are new winds behind the Lietuvos Rytas print and broadcast divisions. We believe Mr. Mažeika had this mission entrusted to him during this short period of time, and his ideas will be useful for further improving the company’s activities,” Vainauskas said. [/private_subscription 1 year]
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