Shelby Coffey III will join the CNN News Group as president of CNN Business News and CNNfn, the financial news network, it was announced today by Tom Johnson, chairman, president and chief executive officer of the CNN News Group. In this position, Coffey will be responsible for the overall leadership of all business and financial programming for CNN/U.S., CNN International, CNN Headline News, CNN Airport Network and the news content of CNNfn.com. He also will oversee Moneyline, the network's flagship business news program. Assuming his new responsibilities Monday, Nov. 15, Coffey will be based in CNNfn's world headquarters in New York and will report to Johnson.

"Shelby is one of the finest and most accomplished journalists in the nation today," said Johnson. "He has reached the top of newspaper, magazine and television news through a combination of tenacity, brilliance, exceptionally high news standards, unquestioned integrity and personal caring for those with whom he works. He is a great team player, and we are fortunate to have Shelby join our team."

Johnson also added, "In every job he has undertaken, Shelby has been a builder. He was my personal choice for the editor's position of the Los Angeles Times, where he brought added distinction to that great newspaper. Shelby always has loved business and economic news, and I am confident that he will take our splendid business and financial coverage to new heights of excellence."

Said Coffey, "It's an honor for me to have been selected for this vital post as president of CNN Business News and CNNfn. The growth and innovation in business news coverage in recent years is one of the signal accomplishments in American journalism, and CNN Business News has been at the forefront of that coverage. I look forward to working with the strong professional team at CNN and CNNfn to continue that growth and innovation. I will always be grateful to ABC News and its president David Westin for the chance to participate in many aspects of that distinguished news division over the last year and a half. Still, the chance to work again with Tom Johnson, along with his talented journalistic team, in the key areas of business and financial coverage is exciting and compelling."

As president of CNN Business News and CNNfn, Coffey will also join the executive committee of the CNN News Group, where he will serve as a member of the News Group's senior leadership team which is responsible for overall newsgathering and news production of all CNN networks and services.

Coffey previously served as executive vice president of ABC News since June 1998. At ABC News, he was responsible for editorial standards and practices, online activities, cable program development and ABC News Productions, in addition to other editorial responsibilities.

From 1989 to 1997, Coffey was the editor and executive vice president of the Los Angeles Times. He joined the paper in 1986 as deputy associate editor and in 1988 was named executive editor. During his tenure at the Los Angeles Times, the paper won five Pulitzer Prizes and was a finalist 25 times. Coffey was named editor of the year by the National Press Foundation in 1995 in recognition of the Los Angeles Times' coverage of the 1992 Los Angeles riots, the 1994 Northridge earthquake and the 1994 O.J. Simpson trial. Among other honors, he received the 1995 Ida B. Wells Award for exemplary achievement in the hiring and advancement of minorities in the news media.

In addition to expanding the Los Angeles Times' international coverage and investigative reporting, Mr. Coffey was widely credited with leading a major and successful redesign of the paper in 1989 that had a significant impact industry-wide. He also oversaw the revamping of many Los Angeles Times sections, including business, entertainment and the Sunday Los Angeles Times Magazine.

Prior to joining the Times, Coffey was senior vice president and editor of the Dallas Times Herald, and the editor of U.S. News & World Report.

He began his journalism career at The Washington Post as a sports reporter. Over his 17 years there, he held a variety of editorial positions, including "Style" section editor, deputy managing editor for features and assistant managing editor for national news.

He is a member of the Council on Foreign Relations, and he has served on the boards of the Pacific Council on International Policy and the International Press Institute.

Coffey is a graduate of the University of Virginia with a bachelor of arts degree in speech and drama. He is married to Mary Lee Coffey, an emergency medicine doctor. They have two children, Alison and Charles. He and his wife live in the New York area.

Contact Name: Sue Binford
Contact Phone: 404/827-3380

Contact Name: Christa Robinson
Contact Phone: 212/714-5542