Steinle to Leave UPI to Start a Media Firm
Paul Steinle, who directed a major reorganization of United Press International for the past 25 months, will resign as president of the news service on March 31 to start a media company.
UPI Vice Chairman Joseph Taussig will assume the additional duties of president until a replacement is selected for Steinle, 51, Taussig said.
“Because of the rebuilding process in which everyone in this company has participated during the past two years, I am confident that UPI will continue to grow and prosper,” Steinle said in a message to employees.
UPI reported a “modest” profit in the fourth quarter of 1989, Taussig said, after the news agency endured millions of dollars in losses over three decades. He declined to release financial figures.
Steinle said he will remain on the UPI board.
A Vietnam War radio correspondent and former president of Financial News Network, Steinle took the helm at UPI in February, 1988, after New York-based Infotechnology assumed control of the beleaguered company from Mexican media baron Mario Vazquez Rana.
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