William Lewis, the former Dow Jones chief executive and publisher of The Wall Street Journal has been named chief executive and publisher of The Washington Post, the Post said on Saturday.
The Washington Post said that it is projected to end the year taking a $100 million loss. The publisher added that executives are offering buyouts across the company in an effort to reduce its headcount by about 10%, the newsroom is expected to shrink to about 940 journalists.
Lewis’s appointment comes at a time when the media industry is grappling with a sluggish advertising market, low trust in news, and developments in generative AI technology that threaten to upend how people find and consume information.
Lewis is set to take on his duties from Jan. 2, 2024, replacing Patty Stonesifer, who became interim chief executive in June. The Post is owned by billionaire Amazon.com founder Jeff Bezos.