Nov 27, 2018

Condé Nast CEO Bob Sauerberg joins list of magazine executive exits

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.

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Ivanka Trump speaks at yesterday's White House videoconference with bank and credit card executives. Photo: Kevin Lamarque/Reuters

Ivanka Trump personally lobbied top bank executives to line up the $1.5 billion in commitments to small business that were announced yesterday at a videoconference among the bank executives and President Trump — stoking competitive juices among the execs to drive up their commitments.

The state of play: Ivanka, who has had workforce development in her portfolio going back to 2017, plans an increasing emphasis on small businesses in the weeks ahead as they navigate the rescue bill’s Payroll Protection Program, sources tell me.

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Illustration: Eniola Odetunde/Axios

Public transit systems across the country are experiencing a painful trifecta: Ridership has collapsed, funding streams are squeezed, and mass transit won't bounce back from the pandemic nearly as fast as other modes of transportation.

Why it matters: Transit agencies could see an annual shortfall of as much as $38 billion due to the coronavirus pandemic, according to TransitCenter. At the same time, they're more important than ever, with more than 36% of essential workers relying on public transportation to get to work.

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Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

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The big picture: COVID-19 has killed over 82,000 people and infected 1.4 million others globally as of early Wednesday, per Johns Hopkins data. Global recoveries have surpassed 301,000. Spain has reported the most cases outside the U.S. (more than 141,000) and Italy the most deaths (over 17,000). Half the planet's population is on lockdown.

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