Morning Brew loses top C-suite executives
Morning Brew parted ways with two C-suite executives last week, according to an internal memo obtained by Axios.
Why it matters: It's the latest in a series of major leadership changes, layoffs and strategic shifts since Insider acquired the digital media startup in 2020.
Catch up quick: Insider is owned by Axel Springer. The German media giant has been expanding more into the U.S., acquiring Politico in 2021 and in turn making Morning Brew a smaller part of its growing portfolio.
- Morning Brew was founded in 2015 when Alex Lieberman and Austin Rief were at the University of Michigan. It expanded from one business-focused newsletter to more newsletters, podcasts, video series and other products. Insider's deal valued the company at around $75 million.
Details: Morning Brew COO Matt Resnick and CRO Kenneth Shapiro are out, according to an email sent to staff last Sunday.
- "Their departures come as a result of divergent strategic viewpoints. I wish them luck in whatever they tackle next," Rief said in the email.
- Rief said the company is "actively searching" for a new CRO and that he will serve in the role in the interim. Regarding a COO search, Rief said that "more information will come soon." The HR team will report to him.
- Resnick, Shapiro and Rief did not respond to requests for comment.
- Semafor first reported the exits.
What to watch: There's been a bunch of C-suite turnover since the Insider deal. In April 2021, Lieberman stepped down as CEO to be executive chairman, with Rief taking his place. Soon after, Mashable editor-in-chief Jessica Coen joined as chief content officer but then left in February 2022.
- Both recent exits joined the C-suite in 2022. Resnick started in 2020 as senior vice president of strategy and business operations, after working at Attention Capital and Barstool Sports. Shapiro joined as CRO after seven years at Fandom. Prior, he spent 18 years at Turner.
- Morning Brew laid off 14% of its staff in November 2022 and then had another round of cuts this past March.