Conde Nast has launched a hunt for a new chief executive as the ailing publisher seeks to arrest mounting losses following an earlier announcement that its current chief executive Robert A Sauerberg Jr, would step down.
Best known for global brands such as Vogue and Vanity Fair the publisher has been forced to embark on a sweeping restructuring plan after losing over $120m last year alone.
That process has already seen buyers sought for its Brides, Golf Digest and W titles while simultaneously ceasing a regular print edition of Glamour magazine as it struggles to adapt to the digital economy.
Sauerberg has come under increasing pressure to steady the ship and has met some success, through digital video in particular, but continues to be weighed down by heavy falls in circulation and an exodus of advertisers.
The management transition finds an echo at The Economist which coincidentally began its own search for a new CEO yesterday after incumbent Chris Stibbs announced his departure.