Condé Nast merges US and International arms; CEO Bob Sauerberg to depart
today Nov 27, 2018
Condé Nast has ousted its chief executive Bob Sauerberg and will name a new global chief executive who will oversee both the New York-based Condé Nast and London-based Condé Nast International divisions, it confirmed on Tuesday.
Sauerberg had recently presented an ambitious plan to bring the magazine publisher back to profitability by 2020.
He will stay in the position until the business finds a new candidate for the newly created role, which responds to the company’s intention to integrate its two divisions and work as one company.
Condé Nast said the move will ensure its success in a “rapidly evolving” media landscape. “Operating as one global company will only help us realise our ambition to deliver the highest quality journalism, experiences and value to our audiences, advertisers and partners,” the company said in a statement.
Condé Nast’s portfolio includes Vogue, Vanity Fair, Glamour, The New Yorker and GQ; while the Condé Nast International produces British Vogue, British GQ, Love Magazine, Tatler and Wired, among others.
Sauerberg has been chief executive of Condé Nast since 2016, but his tenure at the company goes back to 2005.
Jonathan Newhouse, CEO of Condé Nast International will be leaving his current role to become chairman of the board of directors. Meanwhile, other members of the senior operating management teams, including Wolfgang Blau, currently president of the international division, will remain in their positions.
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