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Lee Enterprises, Inc. Announces Resignation of Chief Financial Officer Tim Millage

1. CFO Tim Millage is leaving to become an Executive Pastor in 2026. 2. Millage expressed confidence in Lee's growth strategy and future. 3. Lee Enterprises has initiated a search for a new CFO. 4. The company will continue to execute its Three Pillar Digital Growth Strategy.

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FAQ

Why Neutral?

Leadership transitions can create uncertainty but Millage’s exit seems amicable, ensuring continuity.

How important is it?

The CFO's role is critical, but Millage's smooth exit mitigates negative impact risks.

Why Short Term?

The immediate uncertainty surrounding CFO transition may affect sentiment and stock behavior temporarily.

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DAVENPORT, Iowa, Nov. 21, 2025 (GLOBE NEWSWIRE) -- Lee Enterprises, Incorporated (NASDAQ: LEE) today announced Chief Financial Officer, Tim Millage, will depart the company early next year to answer a calling outside of corporate life. After nearly a decade of leading financial organizations in public companies, he will become an Executive Pastor at Coram Deo Bible Church in Davenport, Iowa. “Serving Lee has been one of the greatest privileges of my professional life. I’m leaving to put my full time and full heart into serving the church,” said Millage. “I have tremendous respect for Kevin and the leadership team, and I have full confidence in the company’s direction and its bright future. The execution of the Three Pillar Digital Growth Strategy has already shown remarkable success and is transforming the composition of revenue, growing digital margins, and positioning the company for sustainable long-term value creation. I leave knowing the foundation is strong and the best is yet to come.” Kevin Mowbray, Lee’s President and Chief Executive Officer, said, “We are deeply grateful to Tim for his leadership, integrity, and dedication. His financial acumen and stewardship have been instrumental in advancing the company. 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.” The company has initiated a search for a new Chief Financial Officer. Millage’s resignation will become effective February 28, 2026, and he has agreed to provide consulting services to the Company through May 31, 2026. ABOUT LEE Lee Enterprises is a major subscription and advertising platform and a leading provider of local news and information with daily newspapers, rapidly growing digital products and nearly 350 weekly and specialty publications serving 72 markets in 25 states. Our core commitment is to provide valuable, intensely local news and information to the communities we serve. Our markets include St. Louis, MO; Buffalo, NY; Omaha, NE; Richmond, VA; Lincoln, NE; Madison, WI; Davenport, IA; and Tucson, AZ. Lee Common Stock is traded on the NASDAQ under the symbol LEE. For more information about Lee, please visit www.lee.net. Contact:IR@lee.net(563) 383-2100

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