Conde Nast Exec Shake-Up: John Bellando, Tom Wallace to Exit
Two top executives at Conde Nast are departing in a leadership shake-up at the magazine publishing company, according to a Wednesday memo sent by company CEO Chuck Townsend.
John Bellando, CFO and COO, and Tom Wallace, editorial director, are exiting the company while Time Inc. exec David Geithner will be joining Conde Nast in the CFO role. In addition, president Bob Sauerberg will see an expansion of his responsibilities to the marketing-side Conde Nast Media Group.
Bellando joined the company's executive ranks in 1999 while Wallace had served as editorial director since 2005. Geithner had spent over two decades at Time Inc. prior to the appointment at Conde Nast.
Most recently, Geithner served as the evp and president of Time Inc.'s Entertainment Group, and exited the company earlier this year as part of the reorganization prior to the spinoff of the publisher from Time Warner. Time Inc. chairman and CEO Joe Ripp announced Geithner's departure in a memo on Feb. 4, singling out his contributions to People, Entertainment Weekly and InStyle.
The full memo from Townsend is below:
With good reason, Condé Nast has earned a reputation for being the very best. We have the most influential brands in media, the most sought-after audience base and the most talented employees in the business. It is with this commitment to excellence that I am pleased to share a number of strategic leadership changes we are making as part of a succession plan we started early this year.
Bob Sauerberg will assume a leading role in all revenue generation activities, including taking direct responsibility for the Condé Nast Media Group, as well as brand revenue growth. This expands his areas of responsibility beyond the management of digital, technology, consumer marketing, business development, corporate administration and Condé Nast Entertainment. Lou Cona, chief revenue officer and president of CNMG, will now report to Bob.
John Bellando has decided to leave the company following fifteen years of extraordinary service. John has been a respected and trusted business partner for many years and I’m grateful that he has agreed to work with us in an advisory capacity through the end of the year.
David Geithner will be joining Condé Nast as CFO starting August 17. David comes to us from Time Inc., where, over the course of a highly successful 20+ year career, he led senior financial functions and served as EVP and president of the Entertainment Group. He will report to Bob, who will be sharing more about David in the coming weeks.
I also want to share that Tom Wallace is departing after a distinguished career with the company. He leaves behind a legacy of editorial excellence that has been the cornerstone of our success.
Anna Wintour, who last year was named the company’s artistic director, will ensure that our content and culture remain at the forefront of our industry. Bob and I will rely on her for her insights and guidance as we build the team that will lead us into the future.
Bob will be making other key announcements shortly about our business direction and strategy going forward. As many of you know, Bob and I have worked side by side as CEO and president to ensure we prepare the company to reach new heights. Today’s announcement begins this seamless transition and gives me more confidence than ever that our best years are yet to come.