Jolene Sherman
LEE ENTERPRISESAbout Jolene Sherman
Jolene N. Sherman, age 43, is Vice President – Business Development and Market Strategy at Lee Enterprises, Inc., a role she has held since June 2022. She previously served as Vice President – Digital Sales and Agency Strategies (Mar 2020–Jun 2022), Vice President & Managing Director of Amplified Digital (2017–Mar 2020), and joined Lee in 2005 as a sales executive at the St. Louis Post-Dispatch . Company performance during her tenure highlights Lee’s digital transformation: FY2024 total operating revenue was $611.4M (−11.5% YoY), Digital Revenue reached $299.1M (+9.4% YoY, 48.9% of total), Adjusted EBITDA was $65.3M, and TSR (value of initial $100) was $37.00 for 2024 (vs. $46.30 in 2023, $71.70 in 2022) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lee Enterprises | Vice President – Business Development and Market Strategy | Jun 2022–present | Leads business development and market strategy amid company’s digital mix shift . |
| Lee Enterprises | Vice President – Digital Sales and Agency Strategies | Mar 2020–Jun 2022 | Oversaw digital sales and agency strategy during expansion of digital advertising/marketing services . |
| Amplified Digital (Lee subsidiary) | Vice President & Managing Director | 2017–Mar 2020 | Managed digital marketing services; segment delivered $99M revenue in FY2024 (+8.5% YoY) . |
| St. Louis Post-Dispatch (Lee) | Sales Executive | 2005–(subsequent internal moves) | Entry to Lee; foundation in sales supporting later digital leadership . |
External Roles
No public company directorships or external board roles disclosed for Sherman in Lee’s filings .
Fixed Compensation
Sherman is an executive officer but not a “named executive officer” (NEO); her individual base salary, target/actual bonus, and perquisites are not disclosed. Lee’s program sets executive base pay via market benchmarking, internal equity, role scope, and performance .
Performance Compensation
Lee restructured executive incentives to mix short-term performance with long-term equity, adding performance share units alongside time-based equity. Short-term bonus metrics and long-term award forms/vesting apply to executives (including non-NEOs).
| Component | Metric | Weighting (%) | Target | Actual | Payout | Vesting Terms |
|---|---|---|---|---|---|---|
| Annual Bonus | Adjusted EBITDA | 34% | Not disclosed | Not disclosed | Not disclosed | N/A (cash bonus) . |
| Annual Bonus | Digital Revenue | 33% | Not disclosed | Not disclosed | Not disclosed | N/A (cash bonus) . |
| Annual Bonus | Individual measurable objectives | 33% | Not disclosed | Not disclosed | Not disclosed | N/A (cash bonus) . |
| Long-Term Incentive | Stock Options | 25% of LTI value | — | — | — | 10-year term; vests over 3 years . |
| Long-Term Incentive | Performance Share Units (PSUs) | 50% of LTI value | — | — | — | 3-year performance period; one share per unit if goals achieved . |
| Long-Term Incentive | Restricted Stock Awards (RSAs) | 25% of LTI value | — | — | — | Vests 1/3 on each of the first, second, and third anniversaries . |
In response to 65.8% 2024 say-on-pay support, Lee added performance-based equity (PSUs) to align pay with results and expanded CD&A transparency .
Equity Ownership & Alignment
Sherman holds a modest equity stake; no hedging or pledging was disclosed in 2023 for directors/executive officers.
| Metric | 2023 | 2024 |
|---|---|---|
| Shares owned (beneficial) | 5,596 | 11,450 |
| Percent of class | <1% | <1% |
| Pledged/Hedged | None disclosed (directors/executive officers) | Not disclosed |
Additional context:
- As of Oct 31, 2025, shares outstanding were 6,261,825; executives/directors as a group held 662,822 shares (10.5%) .
- In the proposed 2025 rights offering, executives only receive subscription rights for vested common shares; equity awards do not receive rights. Directors/executives are expected to enter lock-up agreements, reducing near-term insider selling capacity .
Employment Terms
Sherman-specific employment, severance, change-in-control, non-compete, and clawback terms are not disclosed. Lee maintains standard executive agreements and indemnification forms:
- Form of Employment Agreement for certain senior executives; Form of Indemnification Agreement for directors/executive officers .
- 2020 Long-Term Incentive Plan and associated equity agreement forms govern awards and vesting .
Performance & Track Record
Company-level performance during Sherman’s tenure reflects progress in digital growth alongside print headwinds.
| Year | TSR (Value of initial $100) | Net (Loss) Income ($) |
|---|---|---|
| 2022 | 71.70 | 97,000 |
| 2023 | 46.30 | (2,733,000) |
| 2024 | 37.00 | (23,573,000) |
FY2024 Operating Highlights:
- Total operating revenue: $611.4M (−11.5% YoY); Digital Revenue: $299.1M (+9.4% YoY; 48.9% of total) .
- Adjusted EBITDA: $65.3M (non-GAAP); reconciliation provided in proxy .
Compensation Committee & Governance Signals
- Peer benchmarking targets median pay opportunity within comparable publicly traded publishing companies; internal pay equity considered .
- 2024 say-on-pay approval was 65.8%, prompting addition of PSUs and enhanced disclosure .
Investment Implications
- Alignment: Sherman’s equity stake is modest (<1%); however, program-level shifts to PSUs and explicit digital/EBITDA bonus metrics strengthen pay-for-performance and execution alignment for executives broadly .
- Selling pressure: Expected lock-up agreements tied to the rights offering and the exclusion of unvested awards from subscription rights reduce near-term insider sale capacity; only vested shares are eligible to receive rights .
- Retention risk: Long tenure (joined 2005) and multi-year vesting on options/RSAs plus PSU performance periods support retention; absence of disclosed individual severance/CIC terms for Sherman limits visibility into downside-protection incentives .
- Execution: Company-level digital KPIs (e.g., Digital Revenue growth, Amplified Digital revenue) improved in FY2024 amid overall revenue declines; incentive weighting toward Digital Revenue and Adjusted EBITDA aligns with Sherman’s business development mandate, suggesting incentives tied to the strategic pivot .