Univision CEO to retire amid cancelled IPO plans

Univision CEO Randy Falco. Photo: Albin Lohr-Jones/Pool via Bloomberg

Univision CEO Randy Falco will retire at the end of the year, according to a statement from Univision's Board of Directors Wednesday evening. The news comes after Univision announced it would be scrapping plans to go public, citing "prevailing market conditions."

Why it matters: Rumors swirled shortly after the announcement that Falco's retirement was linked to failed attempts to take the company public, forcing the Board to put out a statement dispelling such rumors and saying they "reluctantly agreed" to Randy's wishes to retire and that they "could not be more pleased with his performance."