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LEE announces CFO resignation, consulting role and equity vesting

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Lee Enterprises, Incorporated reported that its Vice President, Chief Financial Officer, and Treasurer, Timothy R. Millage, has decided to resign to pursue an opportunity in church ministry. His resignation will be effective February 28, 2026, and he will continue to provide consulting services through May 31, 2026.

The company states that Mr. Millage’s decision is for personal reasons and not due to any disagreement with its operations, policies, or practices. Lee Enterprises has begun a search process to identify a new chief financial officer, aiming to manage the transition in its financial leadership.

Under a separation agreement dated November 20, 2025, Mr. Millage will receive full compensation through his consulting period, a severance payment equal to twenty-six weeks of base salary, accelerated vesting of all unvested stock awards on February 28, 2026, and continued indemnification protections.

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Insights

LEE announces CFO resignation for personal reasons with structured transition.

Lee Enterprises disclosed that CFO and Treasurer Timothy R. Millage will resign effective February 28, 2026, to pursue church ministry. He will stay on as a consultant through May 31, 2026, which provides continuity for financial reporting and handover of responsibilities.

The company explicitly notes that his decision is due to personal reasons and not because of any disagreement with operations, policies, or practices. That language is intended to limit concerns that the departure signals internal conflict or accounting issues, although markets often treat any CFO change as notable.

The separation agreement offers ongoing compensation through the consulting period, severance equal to twenty-six weeks of base salary, accelerated vesting of unvested stock awards on February 28, 2026, and survival of indemnification protections. The company has initiated a search for a new chief financial officer; future disclosures may identify the successor and outline any revised compensation or strategic focus.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

Why did Lee Enterprises (LEE) announce a CFO change?
Lee Enterprises reported that its Vice President, Chief Financial Officer, and Treasurer, Timothy R. Millage, decided to resign to pursue an opportunity in church ministry, with no disagreement cited regarding the company’s operations, policies, or practices.

When will Lee Enterprises CFO Timothy R. Millage’s resignation become effective?
Mr. Millage’s resignation as Vice President, Chief Financial Officer, and Treasurer of Lee Enterprises will become effective on February 28, 2026, followed by a consulting period through May 31, 2026.

What are the key terms of the separation agreement between Lee Enterprises and its CFO?
Under a separation agreement dated November 20, 2025, Mr. Millage will receive full compensation through the end of his consulting role, severance equal to twenty-six weeks of base salary, vesting of all unvested stock awards on February 28, 2026, and continued indemnification terms.

Did Lee Enterprises report any disagreement with the departing CFO?
Lee Enterprises stated that Mr. Millage’s decision to resign is due to personal reasons and is not the result of any disagreement with the company’s operations, policies, or practices.

Is Lee Enterprises (LEE) searching for a new chief financial officer?
Yes, Lee Enterprises has initiated a search process to identify a new chief financial officer following the planned resignation of Timothy R. Millage.

How did Lee Enterprises disclose the CFO resignation to the market?
On November 21, 2025, Lee Enterprises issued a press release announcing Mr. Millage’s resignation; this press release is included as Exhibit 99.1 and furnished under Regulation FD disclosure.

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Understanding 8-K Material Events →
false000005836100000583612025-11-172025-11-210000058361us-gaap:CommonStockMember2025-11-172025-11-210000058361lee:PreferredSharePurchaseRightsMember2025-11-172025-11-21

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 21, 2025 (November 17, 2025)
_______________________________________________________________________________________
LEE ENTERPRISES, INCORPORATED
(Exact name of Registrant as specified in its charter)
_______________________________________________________________________________________
Delaware1-622742-0823980
(State of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
4600 E. 53rd Street, Davenport, Iowa 52807
(Address of Principal Executive Offices)
(563) 383-2100
Registrant’s telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $.01 per shareLEEThe Nasdaq Global Select Market
Preferred Share Purchase RightsLEEThe Nasdaq Global Select Market
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) On November 17, 2025, Timothy R. Millage, Vice President, Chief Financial Officer, and Treasurer of Lee Enterprises, Incorporated (the “Company”), informed the Company of his decision to resign from his positions with the Company to pursue an opportunity in church ministry. His resignation will become effective February 28, 2026, and he has agreed to provide consulting services to the Company through May 31, 2026.

Mr. Millage’s decision is due to personal reasons and not the result of any disagreement with the Company or its operations, policies or practices.

The Company has initiated a search process to identify a new chief financial officer.

(e) In connection with Mr. Millage’s resignation, the Company and Mr. Millage entered into a separation agreement, dated November 20, 2025 (the “Separation Agreement”). Under the terms of the Separation Agreement, Mr. Millage will receive (a) his full compensation through the end of his consulting role, (b) a severance payment equaling twenty-six weeks of his base salary, (c) the vesting of all unvested stock awards on February 28, 2026, and (d) survival of the indemnification terms under his employment agreement and indemnity agreement. The Separation Agreement also includes customary non-compete, non-solicitation, and release of claims provisions.
Item 7.01. Regulation FD Disclosure
On November 21, 2025, the Company issued a press release announcing Mr. Millage's resignation as its Vice President, Chief Financial Officer, and Treasurer. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

The information in this Item 7.01 of Form 8-K and Exhibit 99.1 attached hereto are being furnished pursuant to Item 7.01 of Form 8-K and therefore shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended.
Item 9.01.    Financial Statements and Exhibits.
(d)Exhibits
99.1
Press Release
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
LEE ENTERPRISES, INCORPORATED
Date:November 21, 2025By:
/s/ Kevin D. Mowbray
Kevin D. Mowbray
President and Chief Executive Officer

Source: View Original Filing on SEC EDGAR