BREAKING NEWS & VIEWS
Steve Swartz Is Elected a Member of the Hearst Corp. Family Trust
Monday, July 9, 2012
Swartz filled the vacancy created by the June 8 passing of trustee and 1966-1990 Hearst Corp. general counsel Harvey Lipton. Swartz is one of eight non-Hearst family members on the 13-member Family Trust (includes CEO Frank A. Bennack, Jr., who authorized the announcement). The remaining five come from the Hearst family, and there a vacancy exits because of the June 25 death of chairman (since 1996) George R. Hearst, Jr.
The Family Trust is ultimately responsible for all of the privately held Hearst Corp. policy, including the make-up of the board of directors (of which Swartz is also a member).
Per the William Randolph Hearst will, the Family Trust will exist until every family member alive at the founder's death would have passed away. Actuary specialists predict that will most likely happen during the 2040s.
Swartz's Hearst Corp. rise has been meteoric. He was the founding Smart Money editor-in-chief (1992) and president (1995), and in March 2000 he was the youngest (37 years old at the time) of the TJFR Business News Reporter-selected "100 Most Prominent People in Business Journalism in the 20th Century."
Swartz went on to become Hearst Newspapers executive VP (2001-2009) and president (2009-2011) prior to his elevation to corporate senior VP and COO. His Family Trust election further solidifies him as the favorite to succeed Bennack, who has served since 1979.
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