Iconic magazine publisher Conde Naste is on the hunt for a new chief executive officer after the ousting of Bob Sauerberg. The publishing house is also in the middle of a restructuring effort, which includes the merging of its US and global operations into one international company.
It was Jonathan and Steve Newhouse—the directors of Conde Naste—who announced the merger, via memo, to employees. These two, of course, own Conde Nast parent company Advance Publications.
According to the memo, once the company hires a new CEO, Jonathan Newhouse will relinquish his current position as CEO of Conde Nast International in order to serve as Chairman of the Board of Directors for the new company. The memo also describes that Bob Sauerberg will remain as CEO of Conde Nast/US until they finalize the transition, at which point he plans to leave the company altogether in order to pursue other potential career opportunities.
Sauerberg served as CEO for Conde Nast eight out of his 18 years with the company.
Conde Nast is a Manhattan-based media giant with a reputation as home to some of the biggest publishing names in fashion and luxury. The two dozen publications they circulate include the likes of: he New Yorker, GQ, Vogue, Vanity Fair, Mademoiselle, Architectural Digest, Glamour, and Gold Digest. Of course, it was also known, at one time, for having massive expense accounts.
But even from its heyday as a leader in the industry, Conde Nast has been struggling to get a firm grip in an industry that is in the middle of a big paradigm shift. Obviously, the media industry is making a dramatic shift from traditional print to fully digital. And that means fewer advertising pages, which is actually what makes up the majority of glossy-print magazines. And because of that, Conde Nast has been forced to cut costs over the past few years, as well as lay off staff, merge different magazines into one publication, and even encourage the retirement of the company’s biggest, and most influential—and most expensive—names.
And that includes legendary Vanity Fair editor-in-chief Graydon Carter.