This is the statement put out yesterday by Jonathan Newhouse and Steve Newhouse and the Conde Nast Board:
“Over the past year, Conde Nast and Conde Nast International have been working together more closely than ever to refine growth strategies, accelerate innovation and develop the right organisational structures to ensure the company’s success in a rapidly evolving media landscape.
Our brands have worldwide influence and impact, and our business is increasingly becoming more global, and we are organising the company to reflect that.
To realise the full potential of Conde Nast - for our audiences and our business partners - the time is right for the US and International companies to truly function as one company.
We’ve launched a search for a CEO with global experience to run Conde Nast.
Once this CEO is hired, Jonathan Newhouse will become Chairman of the Board of Directors and will relinquish his position as CEO of CNI. Bob Sauerberg will continue as CEO of Conde Nast/US until the transition is completed, and then will leave to pursue other opportunities. Other members of the senior operating management teams, including Wolfgang Blau as President of the international division, will remain in their positions.
Operating as one global company will only help us realise our ambition to deliver the highest quality journalism, experiences and value to our audiences, advertisers and partners. It will also create new opportunities to enhance the collaboration among colleagues around the world.
During the transition, it will be business as usual and we will continue to pursue our strategic plans and growth initiatives.”