Condé Nast announced Sunday night that Bob Sauerberg, current president of the magazine publisher, has been appointed CEO. Current CEO Chuck Townsend, 71, will assume the role of chairman, and current chairman, 87-year-old S.I. Newhouse Jr., will now become chairman emeritus.
Sauerberg assumes the executive reins at a difficult time for Condé Nast, which owns such esteemed titles as Vogue, Vanity Fair and The New Yorker. In an interview with the Wall Street Journal on Sunday, Sauerberg noted that Condé Nast is suffering from an overall decline in print advertising revenue, and that gains in digital ad sales are not yet making up for it. The company will bring in more than $1 billion in revenue this year, although that will be less than what it brought in 2013 and 2014, he said. Revenue next year is forecast to be flat.
In an email to Condé Nast staff on Sunday night, Townsend said that the changes are the result of "two years of carefully staged succession planning." Townsend has been CEO since 2004, when he replaced Tom Florio.
Sauerberg, 54, has worked at Condé Nast since 2005, first as the executive vice president of consumer marketing and then as president since 2010. In 2014, he assumed "a leading role in all revenue generation activities, including taking responsibility for the Condé Nast Media Group, as well as brand revenue growth," Townsend described in a memo to staff at the time. Before Condé Nast, Sauerberg was COO of Fairchild Fashion Media and CFO of The New York Times Magazine Group.
Sauerberg assumes his new role in January.