Fox News Channel has promoted Mark Kranz to chief financial officer.
In his new position, Kranz will oversee all financial matters at the network, including budgeting, accounting, purchasing and business and strategic planning.
He succeeds Jack Abernathy, who was named CEO of Fox Stations Inc. earlier this week.
“Mark has played a key role in helping the network to achieve outstanding growth and profitability. He is a strong, talented executive who earned this promotion through steady performance, mature advice and attention to detail,” Fox News chairman and CEO Roger Ailes, to whom Kranz reports, said in a prepared statement.
Prior to his promotion, Kranz served as vice president, finance, where he provided financial and business analysis for Fox News and was instrumental in increasing its profitability.
He joined Fox in1997 as director, finance.