Murphy to Step Down as Cap Cities-ABC Chief
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The chairman and chief executive of Capital Cities-ABC Inc., Thomas S. Murphy, plans to step down as CEO on June 1 and will recommend that President Daniel B. Burke succeed him.
Murphy, who will stay on as chairman, and Burke have worked together at the giant media company for nearly 30 years and it had been expected that Murphy would turn the chief executive post over to Burke at some point. Murphy turns 65 on May 31. Burke turns 61 on Sunday.
“That’s not a surprise,” said one securities analyst who spoke on condition that he not be identified. “Burke has appeared with Murphy at every corporate presentation Murphy has made over the past 10 years. They always refer to each other as partners.”
The analyst said he did not expect any change of direction at Capital Cities-ABC if the board approves the recommendation, as is expected. The next board meeting is in March.
In trading on the New York Stock Exchange, Capital Cities-ABC rose 37 1/2 cents a share to $515.37 1/2.
The company owns the ABC Television Network, eight television stations, six radio networks, 21 radio stations and has publishing interests.
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