(CMR) Kathleen Capetta, publisher at Compass Media is to step down from the post at the end of the year. Compass Media in announcing that there will be a new person at the helm for 2022, stated that a Caymanian has been selected for the position. CMR has heard that the person is not currently working in the world of media and that the Compass is seeking a business person to turn the company around first and foremost.
Capetta from Camden, Maine arrived in the Cayman Islands in 2018 before taking up the position of publisher in 2019. She has been at the helm of the newspaper during the tumultuous times of new ownership, corporate takeovers, and the COVID pandemic. However, Compass Media advertised the position of publisher in May, adding that the salary for the position is KYD$145,000 – 160,000 per annum.
The owners allegedly gave Capetta an ultimatum earlier this year to turn the company around in six months or she will be unemployed and the Compass may shut down entirely. However, the apparent plans now are to focus on corporate restructuring of the group of companies that will include bringing in a businessman with finance experience. CMR understands that Compass Media still has around 55 persons employed despite numerous redundancies over the past several years.
It is also alleged that the company continues to keep its employees under immense pressure to turn the organization into a more financially viable venture despite years of downturns and loss of advertising revenue.
Meantime, according to an article published on Compass Media's website, Capetta said she is excited to hand the company over to a local publisher.
“Since I started, it has always been the plan to have a Caymanian in this important role. I am certain that my successor will ensure the Compass remains one of the bedrocks of these islands. It is very important that Cayman continues to have strong, responsible, and free press,” she was reported as saying.
Capetta has been praised for her work at the company, particularly for “helping to update the business into a multi-media platform.” The company said it was grateful for her expertise in the industry. The question remains as to who the Compass will employ in the top chief position to replace her.