Lee Enterprises, Inc. (NASDAQ: LEE) announced that Nathan Bekke will become President and Chief Executive Officer and that Josh Rinehults will be promoted to Vice President, Chief Financial Officer and Treasurer. The board approved the appointments on April 23, 2026 and the public announcement was issued on April 24, 2026.
Bekke and Rinehults have each served in interim roles since February 2026, following a $50 million strategic equity placement that closed on February 5, 2026 and triggered a change of control. The investment, led by David Hoffmann, positioned Hoffmann as chairman and strengthened Lee’s balance sheet, allowing the company to focus on its digital‑first strategy.
Bekke’s compensation package includes a $700,000 base salary and a target annual bonus, while Rinehults receives a $450,000 base salary and a target bonus. Both packages blend cash and equity to align executive incentives with long‑term shareholder value.
Lee’s first‑quarter 2026 results showed a $0.90 earnings per share loss versus analysts’ expectation of a $0.69 loss, but the quarter also delivered a 61% year‑over‑year increase in adjusted EBITDA. Digital revenue accounted for more than 54% of total revenue, underscoring the company’s progress toward its goal of 90% digital revenue by fiscal 2030 and a $450 million digital revenue target for that year.
In addition to the equity investment, Lee amended its credit facility to reduce the interest rate on approximately $455.5 million of long‑term debt from 9% to 5% for five years, generating significant annual interest savings and improving cash‑flow outlook.
"I am privileged to assume the role of President and Chief Executive Officer and appreciate the Board's trust and confidence," said Bekke. "In recent months, we have advanced our strategic and operational priorities while strengthening our commitment to the communities we serve. I look forward to building on this progress, enhancing shareholder value, and continuing to position Lee for sustained, long‑term success. We have a powerful opportunity to build a durable, growing business anchored in compelling local journalism that reflects, informs and uplifts the communities we serve, and I am confident in our ability to realize it."
The appointments signal continuity in leadership while reinforcing Lee’s digital transformation agenda. With Bekke at the helm, the company will continue to expand digital advertising, subscription revenue and other digital services, leveraging the momentum built during the interim period. Rinehults’ promotion to CFO and Treasurer will support disciplined capital allocation and the ongoing debt‑restructuring effort, positioning Lee to sustain growth and deliver value to its stakeholders over the long term.
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