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

On November 21, 2025, Lee Enterprises, Incorporated, a prominent local news and information provider, announced the resignation of Chief Financial Officer Tim Millage, effective February 28, 2026. Millage is leaving the corporate sector to become an Executive Pastor at Coram Deo Bible Church in Davenport, Iowa. With nearly a decade of experience leading financial organizations in public companies, Millage expressed that serving Lee Enterprises was a privilege and emphasized his commitment to dedicating his full time to church service.

In his departure, Millage highlighted the successful implementation of the company’s Three Pillar Digital Growth Strategy, which has positively transformed revenue streams and established a foundation for sustainable long-term growth. He expressed confidence in the company’s leadership, stating that he believes Lee Enterprises is on a promising path to success.

Kevin Mowbray, President and CEO of Lee Enterprises, acknowledged Millage’s leadership, integrity, and financial stewardship, which played a critical role in the company's advancement during his tenure. Mowbray expressed gratitude for Millage’s contributions and supported his decision to pursue this new chapter in his life.

In light of Millage's resignation, Lee Enterprises has commenced a search for his successor while Millage has agreed to assist the company as a consultant until May 31, 2026.

As a leading provider of local news, Lee Enterprises serves 72 markets across 25 states, including significant cities like St. Louis, Omaha, and Buffalo. The company continues to adapt to the fast-changing media landscape, focusing on digital growth and community engagement. For more information, interested parties can visit the company's website at www.lee.net.

The recent announcement of Tim Millage's resignation as CFO of Lee Enterprises, Inc. has raised questions among investors about the company's future leadership and strategic direction. However, amid the uncertainty surrounding this transition, it is essential to recognize the robust foundation Millage leaves behind, particularly in relation to the company's ongoing digital transformation efforts.

Under Millage's tenure, Lee Enterprises has successfully pursued a Three Pillar Digital Growth Strategy, which has been instrumental in enhancing revenue composition and increasing digital margins. This strategic shift is particularly vital as the media landscape continues to evolve, with an increasing focus on digital subscriptions and local news distribution. Investors should take note of the potential long-term value creation from this strategy, which has already shown promise in sustaining growth in the face of industry headwinds.

While the search for a new CFO may create short-term volatility in Lee's stock performance, it's important to focus on the company's operational momentum and the confidence expressed by both Millage and CEO Kevin Mowbray in the organization's future. Millage’s commitment to providing consulting services until May 2026 further underscores the stability Lee Enterprises can rely on during this transitional phase.

Investors should monitor the company's ability to adeptly navigate this leadership change and its ongoing execution of the digital strategy. Keeping an eye on quarterly earnings reports and management updates can provide vital insights into the effectiveness of the transition and the overall health of the company.

In summary, while the resignation of a key executive may appear concerning, Lee Enterprises' solid groundwork in digital growth and the existing leadership's confidence provide a basis for optimism. Therefore, a bullish stance on the company, tempered with vigilant observation of upcoming developments, may be prudent for current and prospective investors.