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Photo: Roy Rochlin/Getty Images

Hearst Magazines president Troy Young resigned Thursday following a report from The New York Times that alleged he fostered a toxic workplace environment, according to an internal memo obtained by Axios.

The big picture: Young is the latest high-level media executive to resign after employees complained about inappropriate behavior. From 2017-2019, many executives were ousted due to complaints of sexual harassment. This year, several business leaders have resigned amid allegations of insensitivity around race and diversity.

What they're saying: The memo, written to employees from Hearst President & Chief Executive Officer Steven R. Swartz, said he and Young "have agreed that it is in the best interest of all of us that he resign his position as president of Hearst Magazines, effective immediately."

  • "I recognize that the incidents cited in the NYT article are particularly offensive to women and I want to make clear they do not represent who I am as a person," Young said in response to the Times' reporting.

Catch up quick: A New York Times report published Wednesday found that, in conversations with current and former employees at Hearst, Young repeatedly made lewd remarks to employees.

Go deeper:

Go deeper

Bryan Walsh, author of Future
Sep 30, 2020 - Economy & Business

Executives think they're handling the future of work — but workers disagree

Data: IBM Institute for Business Value; Chart: Sara Wise/Axios

A new survey finds employers are embracing a new, more digitized way of working accelerated by the pandemic, while employees fear being left behind.

Why it matters: The realities of COVID-19 compressed years of remote work growth into a matter of months. But the onus is now on executives to support their workforces as the crisis shifts to the new normal.

Trump says he plans to launch new social media network in 2022

Photo: Chris Delmas/AFP via Getty Images

Former President Trump on Wednesday announced plans to launch a social media network called "Truth Social," and that it would go public via a SPAC.

Why it matters: Most ex-presidents are focused on their legacies, by creating presidential libraries or engaging in philanthropic endeavors. Trump, however, remains consumed by social media.

Beauty giant Coty Cosmetics looking to sell its own branded products

Coty Cosmetics CEO Sue Nabi. Photo: Axios on HBO

Coty Cosmetics CEO Sue Nabi tells Axios the beauty giant will “probably” introduce Coty-branded products one day.

Why it matters: Coty produces some of the world’s most popular fragrances, skin care products and color cosmetics on behalf of other well-known brands, but has shied away from producing its own branded products.