Lee Enterprises reveals CFO Tim Millage has stepped down.
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 21 2025
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CFO Departure Announcement: Lee Enterprises announced that CFO Tim Millage will leave the company early next year to pursue a role as an Executive Pastor at Coram Deo Bible Church in Davenport, Iowa.
Tenure and Transition: Millage has been with the company for nearly a decade, leading financial organizations in public companies, and his resignation will be effective February 28, 2026.
Consulting Agreement: Following his departure, Millage has agreed to provide consulting services to Lee Enterprises until May 31, 2026.
Search for Successor: The company has begun the search for a new CFO to fill the position after Millage's departure.
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About LEE
Lee Enterprises, Incorporated is a subscription and advertising platform and a provider of local news and information, with daily newspapers, digital products and nearly 350 weekly and specialty publications serving 73 markets in 26 states. The Company offers a range of subscription options, including digital-only subscriptions, full-access subscriptions, and single-copy sales. Its diverse portfolio includes digital subscription platforms, daily, weekly, and monthly newspapers, and niche products. These products are accessible in both digital and print formats. It provides comprehensive advertising and marketing services to local, regional, and national businesses. Its digital-only subscriptions segment offers access to its content exclusively through digital platforms. Its full-access subscriptions provide comprehensive access to its content across multiple platforms, including print editions (delivered or available for pickup), Websites, smartphone and tablet apps, and e-editions.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Lee Enterprises Schedules Q4 2025 Earnings Call
- Earnings Call Announcement: Lee Enterprises has scheduled an audio webcast and conference call for February 10, 2026, at 9 a.m. Central Time to release preliminary results for the quarter ended December 28, 2025, aimed at providing investors with the latest financial insights.
- Investor Participation: Investors can access the live webcast through the Investor Relations section of Lee's website, and upon registration, they will receive a dial-in number and unique PIN, ensuring smooth participation and enhancing engagement with investors.
- Replay Availability: The live webcast will be available for replay 24 hours after the call, allowing investors who cannot attend in real-time to access key information, reflecting the company's commitment to transparency and information sharing.
- Company Background: Lee Enterprises operates in 72 markets, providing high-quality local news and information with nearly 350 weekly and specialty publications, dedicated to delivering valuable local news to communities, thereby strengthening its position in the advertising and subscription platform market.
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Lee Enterprises Secures $50 Million Strategic Investment at $3.25 per Share
- Financial Stabilization: Lee Enterprises has secured a $50 million strategic equity investment aimed at stabilizing its finances and improving long-term performance, with investor David Hoffmann committing approximately $35 million, reflecting strong confidence in the company.
- Shareholder Support: Existing shareholders are contributing the remaining $15 million, ensuring the successful execution of this private placement, while Hoffmann has agreed to fully backstop the transaction, guaranteeing the company receives the full funding.
- Debt Rate Reduction: This financing is expected to trigger an amendment to Lee's existing credit facility, reducing the interest rate on approximately $455.5 million of long-term debt from 9% to 5% over the next five years, which will materially improve cash flow and alleviate financial pressure.
- Board Changes: As part of the deal, Hoffmann is expected to become chair of the board, which may bring new strategic direction and optimize the governance structure of the company.
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