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2006 Annual Report 11
At WPNI, revenues and operating income grew dramati-
cally under CEO/publisher Caroline Little. WPNI’s team
had a remarkable year.
In his 15th year as CEO of Newsweek, Rick Smith led
another strong year; profits equaled an excellent 2005.
Jon Meacham, an admired writer and editor, succeeded
Mark Whitaker as editor; Mark is developing several new
sites for WPNI. For the first time in 15 years, I can write:
International revenues led the way at Newsweek.
The Post went public in 1971 and will certainly remain so.
Until the past few years, I’d have advised a company con-
templating going public that there was no reason not to.
No longer. The current interpretation of Section 404 of
the Sarbanes-Oxley Act has imposed costs on public
companies that far outweigh the benefits. Wewon’t
change, but a corporation would need truly compelling
reasons to go public today.
Our board of directors added a strong new member in
Tom Gayner, executive vice president and chief investment
officer of Markel Corporation in Richmond. Companies
routinely express gratitude to those who serve on their
boards. In our case, it isn’t routine: But for our directors’
Shareholders should understand
the strength of our belief in
The Washington Post.
Jon Meacham, editor of Newsweek