Conde Nast CEO to Step Down, Company to Combine U.S. and Int'l Units
The company didn't immediately name a successor for Bob Sauerberg, but the new top executive will oversee both Conde Nast and Conde Nast International.
Conde Nast, the publisher of such titles as Vanity Fair, The New Yorker and Vogue, said Tuesday that CEO Bob Sauerberg will step down and the company will combine its U.S. and international operations.
It didn't immediately name a successor, but that person will oversee both Conde Nast and Conde Nast International, whose titles include Vogue Paris and British GQ.
"Conde Nast and Conde Nast International have been deeply immersed this year in refining growth strategies, accelerating innovation and developing the right organizational structures to meet the rapidly evolving media landscape," Jonathan and Steve Newhouse said on behalf of the Conde Nast board. "What has become clear is that our aspirations are no longer best served by our historical structure of running two separate companies. Our brands have worldwide influence and impact, and our business is increasingly becoming more global as we continue to innovate in video, agency, conferences, consumer products, data and other brand-aligned projects."
The firm said it has launched an outside search for a CEO with global experience. Once the global CEO is hired, Jonathan Newhouse will become chairman of the board and relinquish his position as CEO of Conde Nast International.
Sauerberg will continue as CEO of Conde Nast's U.S. operation until the transition is complete. He will then leave to pursue other opportunities.
The company said it is planning to continue operating out of its headquarters in New York and London.
In other executive changes, Conde Nast Entertainment recently named digital media veteran Oren Katzeff its new president, succeeding Dawn Ostroff, who left in June to oversee content at Spotify.
In 2011, Sauerberg launched Conde Nast Entertainment, which has grown into a production and distribution studio that produces digital video content averaging more than a billion views a month and that has released four feature films and several TV series.
"The shift to one global company will help us realize our ambition to deliver the highest-quality journalism, experiences and value to our audiences, advertisers and partners on all platforms by allowing us to more quickly transform ourselves to address their evolving needs and by enhancing the collaboration between colleagues around the world," the Newhouses said.