David J. Pecker, president-CEO of Hachette Filipacchi Magazines, resigned Tuesday. He will join American Media, tabloid publishers of The National Enquirer
and The Star
, as chairman-CEO, and will receive an equity stake in the business from Evercore Partners, a small New York investment boutique. Tuesday, Evercore agreed to purchase American Media for $760 million, or $7 a share. Mr. Pecker will remain in place until March 31. A successor will be named shortly, after an external and internal search. Until then, Chairman Daniel Filipacchi will take over day-to-day operations, with assistance from Exec VP John Fennell, Senior Exec VP-Editorial Director Jean-Louis Ginibre, and Senior VP, Chief Financial Officer and Treasurer John O'Connor.
Copyright February 1999, Crain Communications Inc.