Granite Broadcasting's founder, Don Cornwell, is stepping down as chairman and chief executive officer of the TV group he founded in 1988. John Deushane, chief operating officer, is also exiting, the company announced Tuesday (Aug. 11).
Peter Markham, a member of Granite's board of directors and Duane Lammers, a consultant to the group since 2008, will take over as chairman and chief operating officer, respectively.
Under Cornwell, Granite grew into the largest TV group in America controlled by an African America. "After 21 years, I will be taking a step back from the day to day operations of Granite," said Cornwell. "Since Stuart Beck and I founded the company in 1988 with the purchase of stations in Duluth and Peoria, Granite has developed from an entrepreneurial idea into a diverse station group which operates and provides services to 23 channels in 11 markets reach more than six percent of U.S. television households."
Granite declared bankruptcy in 2006 and was soon reorganized under Silver Point Capital, one of the company's main creditors.