President of Conde Nast Bob Sauerberg and President of Conde Nast Entertainment Dawn Ostroff. Photo: Neilson Barnard/Getty Images
Condé Nast's CEO Bob Sauerberg and The Economist's CEO Chris Stibbs are the latest in a string of media company executives stepping down from their positions this year, the Wall Street Journal reports.
Why it matters: It's a hard time to run a media company, particularly a legacy print company, Axios media trends reporter Sara Fischer writes. The pressure to convert from print to digital and then from advertising revenues to subscription revenues has been intense for many legacy outlets and magazines.
- Sauerberg is resigning months after outlining a plan to return to profitability by 2020, according to WSJ. His replacement will oversee both Condé Nast and Condé Nast International.
The list of 2018 executive departures:
- Hearst Magazine President David Carey announced he was stepping down earlier this year.
- Hearst's chief content officer Joanna Coles also resigned.
- Hollywood Reporter-Billboard Media Group CEO John Amato resigned.
- Newsweek Media Group co-owner and chairman Etienne Uzac, as well as its finance director Marion Kim, Uzac's wife, stepped down from their positions amid an ongoing investigation into company finances.