- FashionUnited |
After 20 glorious years, Bob Sauerberg, the now former CEO of Condé Nast, has departed the famed publishing house. The news come just shortly after Roger Lynch was announced as Condé Nast's new CEO. WWD broke the news of Sauerberg's official departure.
Six months ago it was announced that Condé Nast would be combining their U.S. and international operations, and looking for a new global CEO. In his Friday morning goodbye note to Condé Nast's staff, Sauerberg said, "Our revenue team has stabilized; our business and our edit, video, tech and data teams have delivered on growth initiatives. We’ve managed costs, shifted our resources to our growth areas more nimbly and positioned the business for an exciting global future. I’m proud of all of your hard work, which you can see in our growing revenues.”
For the last several years Condé Nast has been operating at a loss, losing an estimated 250 million dollars, the company is on their way to a turnaround. They have been shrinking their losses, and there is potential for them to be turning a profit again by the end of this fiscal year.
Sauerberg will remain on the board of Reddit, which is owned by Advanced Publications, the parent company of Condé Nast. Sauerberg managed to steer the company through one of the toughest times in the media landscape, with declining revenues from print, and the pivot to digital and video, as well as the explosion of social media.
Sauerberg was able to find new revenue streams for Condé Nast, particularly with the launch and growth of Condé Nast Entertainment, the video production studio that has become an important investment and growth area for the company as they make a return to profitability. According to WWD, the plan is for Condé Nast to triple the size of video in the next few years.
Sauerberg leaves Condé Nast with a plan he had to return the company to profitability by 2020, a plan that will now have to be continued and built upon by Lynch. Lynch will also be inheriting Condé's attempt to sell three of their titles including W, Golf Digest, and Brides.