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Monday, September 16, 2013

Haaga Lands a CEO Gig

Reported by Katie Lobosco

Paul Haaga, the retired chairman of the board at Capital Research and Management Company [profile], has a new gig.

Haaga will join NPR as the public news organization's acting president and CEO on September 30.

After more than 25 years at Capital Research and Management Company where he was vice chairman of the fixed-income funds in the American Funds Group, Haaga retired last year.

When compared to other open-end fund families, American Funds currently holds the third largest market share, according to data released by Morningstar.

Shortly before Haaga left, the firm launched its American Funds Portfolio series, a group of eight mutual funds designed to help financial advisors lure their clients back into the market.

Prior to joining the Capital Group, Haaga was a partner in the law firm of Dechert Price and Rhoads and was a senior attorney for the Division of Investment Management at the U.S. Securities and Exchange Commission, according to NPR.

Although his background lies heavily in the financial industry -- he's also a former chairman of the Investment Company Institute -- Haaga has been on NPR's board since 2011.

Haaga will succeed Gary Knell, who recently announced he will leave NPR to become president and CEO of the National Geographic Society. NPR has appointed a search committee to find a permanent president and CEO.

Here is the press release:
Company Press Release

NPR Names Paul G. Haaga, Jr. Acting President & CEO



Board announces search for permanent successor; Approves Budget for Fiscal Year 2014

September 13, 2013; Washington, D.C. The Board of Directors of NPR announced today that Paul G. Haaga, Jr. will serve as Acting President & CEO of NPR effective September 30. Haaga has served on the Board since 2011, most recently as Vice Chair of the Board and Chair of its Finance Committee.

"Paul has made many valuable contributions to NPR during his tenure on the Board," said Kit Jensen, Chair of the NPR Board and CEO of WVIZ/PBS & 90.3 WCPN Ideastream. "His intimate knowledge of our organization, his unwavering commitment to the highest quality of journalism and programming, and his financial acumen make him particularly well-suited to lead NPR as we begin our search for a permanent chief executive."

Haaga said that his time on the Board has been "one of the most rewarding and exciting phases of my career." He continued: "I am thrilled to have the opportunity to lead one of the world's leading providers of news, music and cultural programming on an interim basis and I look forward to working with my colleagues on the Board and senior leadership team to help this great organization build on its success."

Haaga will succeed NPR President and CEO Gary E. Knell, who recently announced that he will leave the organization to become President and CEO of the National Geographic Society. NPR has appointed a search committee, co-chaired by Board members Florence Rogers, President and General Manager, Nevada Public Radio, and John Wotowicz, Managing Partner, Concentric Capital, to lead the search for a permanent CEO.

The Board also approved a budget for fiscal year 2014 and a strategic roadmap to achieve a balanced budget over the next two years. The budget includes operating and investment revenues of $178.1 million, expenses of $183 million, and an operating cash deficit of $6.1 million, or 3 percent of revenues. As part of the strategy to eliminate the deficit and lower ongoing expenses, NPR will offer a voluntary buyout plan broadly across the organization that seeks to reduce staffing levels by approximately 10 percent.

Haaga has led an accomplished career. He is the retired chairman of the Board of Capital Research and Management Company, former chairman of the Investment Company Institute, and former partner in the law firm of Dechert Price & Rhoads in Washington. He served as a senior attorney for the Securities and Exchange Commission.

His philanthropic leadership includes serving as chairman of the Board of the Los Angeles County Museum of Natural History; trustee of the Huntington Library, Museum and Gardens in San Marino, California; member of the Board of Overseers of the University of Pennsylvania Law School (Chairman 2007-2013); a trustee of Georgetown Preparatory School; a member of the National Council of the American Enterprise Institute; a member of the Board of Overseers of Hoover Institution at Stanford University; and a member of the Policy Circle at Pardee-Rand Graduate School. He and his wife Heather were among the founding group that started the Vietnam Veterans Memorial.

Haaga earned a bachelor's degree in economics from Princeton University, an M.B.A. from the Wharton School and a J.D. from the University of Pennsylvania Law School.

About NPR

A thriving media organization at the forefront of digital innovation, NPR creates and distributes award-winning news, information, and music programming to a network of 975 member stations. Through them, NPR programming reaches 27 million listeners every week, and nearly 23 million monthly on digital platforms. Visit npr.org to find local stations, listen to programs, music and stories, and learn more.  

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