Update: Corus Entertainment's President, CEO Doug Murphy to Retire Early; Troy Reeb, John Gossling Named Co-CEOs; Rating Maintained by National Bank-March 2024-www.financetom.com

Update: Corus Entertainment's President, CEO Doug Murphy to Retire Early; Troy Reeb, John Gossling Named Co-CEOs; Rating Maintained by National Bank

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Update: Corus Entertainment's President, CEO Doug Murphy to Retire Early; Troy Reeb, John Gossling Named Co-CEOs; Rating Maintained by National Bank

Jun 17, 2024 7:44 AM

10:29 AM EDT, 06/17/2024 (MT Newswires) -- Corus Entertainment (CJR-B.TO) said on Monday that President and CEO Doug Murphy retired early after 21 years with the company.

The board tapped Troy Reeb and John Gossling as co-chief executive officers with immediate effect. Gossling will continue to serve as chief financial officer.

Jennifer Lee will serve as chief administrative officer and chief legal officer, overseeing legal, regulatory, human resources, communications, and other corporate functions. Lee previously served as executive vice president and general counsel.

This comes as National Bank has an "Underperform" rating and a price target of $0.25 on Corus. "Our target is based on f2026E NAV, with implied EV/EBITDA multiples of 4.5x f2024E, 4.6x f2025E, and 4.3x f2026E," the bank noted. It also noted Corus will report its third-quarter results on June 27.

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