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Primedia chairman-CEO to retire

Published on .

New York--Primedia, which owns Intertec Publishing, announced Thursday that William Reilly, Primedia's chairman-CEO, informed the company's board of directors that he is taking early retirement to pursue private investment opportunities. "After a decade of growth and accomplishment in creating what is now a thriving $1.5 billion media and information enterprise from startup, it is time for me to move on to other challenges," Mr. Reilly said in a statement. Primedia, whose recent acquisitions have given the company long-term debt of more than $2.1 billion, lost $46 million in the first quarter of 1999. At the request of the board, Mr. Reilly has agreed to continue in his positions until a successor has been named.
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