Lee Enterprises announced that Chief Financial Officer Tim Millage will depart the company effective February 28, 2026. Millage, who has overseen the company’s finance functions for nearly a decade, will transition to a role as Executive Pastor at Coram Deo Bible Church in Davenport, Iowa, while remaining with Lee Enterprises as a consultant through May 31, 2026 to ensure a smooth transition.
The resignation comes amid a period of financial strain for the company. In the third quarter of fiscal 2025, Lee Enterprises reported total revenue of $141.29 million, a 6.2% decline from the same period a year earlier, and a net loss of $2 million. Adjusted EBITDA for the quarter was $15 million. The company’s debt load stands at $485.63 million, with short‑term obligations exceeding liquid assets as of November 2025, and its stock has fallen 72% over the past year.
Digital revenue has become a key driver of the company’s growth strategy. In Q3 2025, digital revenue totaled $78 million, representing 55% of total operating revenue, up 3% year‑over‑year. Digital‑only subscriber revenue reached $23 million, a 16% increase on a same‑store basis, underscoring the company’s progress toward a digital‑first model.
Tim Millage said, “Serving Lee has been one of the greatest privileges of my professional life. I am leaving to put my full time and full heart into serving the church.” CEO Kevin Mowbray added, “We are deeply grateful to Tim for his leadership, integrity, and dedication. While we will miss him as a valued team member, we fully support his decision to follow his calling and wish him every success in this new chapter.”
On the day of the resignation announcement, the company’s shares gained 1.58%, continuing a five‑day upward trend. The market reaction to the CFO announcement itself was modest; the earlier Q3 earnings miss had driven a 5.14% pre‑market decline, reflecting investor concerns about profitability amid the company’s debt burden and revenue decline.
The CFO transition occurs as Lee Enterprises navigates significant financial headwinds while pursuing a digital transformation strategy that has already begun to shift revenue mix and improve margins. Millage’s departure, coupled with his continued consulting role, signals continuity in financial stewardship as the company focuses on scaling digital revenue and managing its debt profile.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.