Washington, D.C.—Construction industry media company Hanley Wood announced that Peter Goldstone is returning to the company as CEO. He will succeed Frank Anton, who will become chairman of Hanley Wood next month.
Goldstone had been president of Government Executive Media Group, the b2b arm of Atlantic Media Co., since 2011. (Tim Hartman, who had been group publisher of Government Executive Media Group, is succeeding Goldstone).
Goldstone left Hanley Wood, where he held the title of president, in 2010, as the company's private equity investors, led by JPMorgan Partners, cut costs. After leaving Hanley Wood, Goldstone quickly landed an executive role with Government Executive Media Group.
Hanley Wood was acquired in January by Oaktree Capital Management and other investors in a deal that slashed Hanley Wood's debt to $80 million from $410 million. With the deal, Oaktree also invested $35 million in Hanley Wood.
“I am thrilled to be rejoining Hanley Wood, which was my home for 11 years,” Goldstone said in a statement. “I also feel fortunate to team up once again with my good friend, Frank Anton. We have been solid partners, and we share a passion for aggressively growing this business. Although the next chapter of growth will most certainly look different, Hanley Wood will continue to lead and serve the construction market with robust engagement platforms and information products. I am eager to get started.”
“Peter's perspective's been freshened by his experience at Atlantic Media, a company farther down the road when it comes to digital media,” Anton said in an interview. “On the other hand, his experience with Hanley Wood will allow him to hit the ground running here. In addition, with the company now back in the M&A game and with a new, aggressive three-year strategic growth plan in place, we need more executive horsepower to handle the increased workload. He's the right guy at the right time at the right place.”
Reed Phillips, managing partner at DeSilva & Phillips, said: “When Peter left, I think Frank was not very happy; but it was a call that the investors made to reduce costs. It just reunites what was a really good team.”