NEW YORK — TheStreet, Inc., a digital financial media company and publisher of TheStreet.com, has appointed USA Today Editor-in-Chief David Callaway as new Chief Executive Officer.
Larry S. Kramer, interim CEO, will step down and resume his position as non-executive Chairman of the Board of Directors. All changes will be effective early July 2016.
Mr. Callaway’s appointment as CEO, 20 years after the founding of the Company, reinforces TheStreet’s commitment to providing high quality financial news and content for both institutional and individual investors. Mr. Callaway will be responsible for growing both TheStreet’s consumer and business-to-business divisions as the company continues to invest in new initiatives to make it a profitable media growth company with multiple revenue streams.
Shares in TheStreet closed at $1.24 Friday, down 0.1 cents.
Jim Cramer, CNBC host and co-founder of TheStreet, said: “It’s so great to have someone with the stature of Dave Callaway come in to help us build every part of our business. His experience in markets coverage, financial news and the world of international institutional business information is a perfect match to our businesses, and his reputation as one of the best journalists in the business is equally important to our aspiration to be the place any investor can go to be better informed and better equipped to make money.”
Mr. Callaway has close to three decades of experience in the media industry building traditional and digital media companies with both business and consumer-facing facets and developing successful monetization strategies. Most recently, Mr. Callaway served as Editor-in-Chief of USA Today, where he is credited with growing the digital news group to the fifth-largest in the U.S. by expanding video, audio, social and mobile workflow to the entire newsroom. Prior, Mr. Callaway served as editor-in-chief of MarketWatch, where he grew the newsroom from 20 journalists to 120 across bureaus in U.S., Europe, Asia and the Middle East. He also served as a securities industry reporter at Bloomberg, leading a team of financial reporters throughout Europe covering banking, investment banking and asset management, and spent time as a reporter with the Boston Herald. Mr. Callaway has a master’s degree from Northwestern University’s Medill School of Journalism.
Larry S. Kramer, Chairman and Interim CEO of TheStreet, said: “With this hire, we have put an exclamation point on our strategy to create the most compelling content possible at the heart of all of our businesses. In Dave, we have the person most responsible for creating the content that made MarketWatch the most successful digital financial news and information startup in history. After that, he led the transformation of the number one newspaper in the nation into a world class digital powerhouse. He’s a rare combination of a brilliant editor and sensational manager.”
Mr. Callaway said: “This is a company that has an incredible editorial team creating informative, market-moving content investors are passionate about. The demand for our content has never been stronger, and I look forward to leading TheStreet and further transforming the organization into a digital content leader.”