Randy Falco to retire at the end of 2018 after an 8-year tenure as the president and CEO of Univision

Haim Saban, Chairman of the Board, and the Board of Directors of Univision Communications Inc. said in a statement to put an end to the rumors of Randy Falco leaving the company.

“There are multiple rumors out there and on behalf of the Univision Board, I would like to set the record straight about our CEO Randy Falco. Recently Randy came to us and told us that he would like to retire at the end of 2018 when he will turn 65 years old and end an outstanding 8-year tenure as the CEO of Univision. Let me be clear we on the Board of Univision have reluctantly agreed to Randy’s wishes out of respect and the high regard we have for him as a partner. During his time as CEO, he has modernized the Univision organization, grown earnings and reduced debt at record levels and we could not be more pleased with his performance. We have asked Randy to work with us over the next year in restructuring the company and consult with the board on a transition to new leadership.”