Arthur O. Sulzberger Jr., the chairman and publisher of The New York Times has announced during his annual "State of the Times" address that controlling Ochs-Sulzberger clan has begun the selection process for his successor as publisher, according to a report from the New York Magazine.
The successor, who will be named within two years, will be coming from Ochs-Sulzberger family.
The New York Magazine adds that Sulzberger said in his speech that it shouldn't come as a surprise that "the task of choosing his successor has begun."
"I've been in my role as publisher for more than 20 years and I've hit my mid-sixties," he said an excerpt of his speech.
The New York Magazine adds that Sulzberger said that the selection of his successor is a formal process.
He said that it involves "the Board of our company, senior management and the family trustees. It is our intention to be as transparent as we can as this unfolds."
The Wall Street Journal adds that Sulzberger's successor has been the subject of speculation in the media world.
The Sulzberger family controls the New York Times Co. through Class B shares.
The Wall Street Journal adds that this gives the family the right to elect 70 percent of the company's board.
The New York Magazine reported in August that the Ochs-Sulzberger family has already set up a rigorous training regime to groom the candidates to be the publisher.
The candidates to be the successor are Arthur Gregg Sulzberger, Sulzberger's son, David Perpich, Sulzberger's nephew, and Lynn Golden Dolnick, Sulzberger's cousin.
The New York Magazine adds that a source said that Arthur Gregg Sulzberger remains the front-runner to succeed as the publisher.
Sulzberger said in his speech that his successor will be facing the most challenging business environment since Adolph Ochs bought the paper out of bankruptcy in 1896, according to the New York Magazine.
The New York Times adds that the newspaper had suffered a decline in print ads due to readers migrating online.
The company, though, has managed to grow its online circulation and now has more than 1 million digital-only subscribers.
The New York Times adds that the company has a goal of doubling its digital revenue to $800 million by 2020.
