The Hearst newspaper chain is tapping company exec and SmartMoney founder Steve Swartz to succeed CEO George Irish, who is retiring Jan. 1.

Swartz has been executive vice president of the division, which publishes the Albany Times Union, the Stanford Advocate, the Connecticut Post, and the Greenwich Time, as well as the Houston Chronicle and the San Francisco Chronicle, since 2001.

Given the distressed state of the industry one observer said of the appointment: “It’s a case of ‘you always wanted your own boat – now start bailing.’ ”