Condé Nast Consolidates U.S. and Int'l Operations
Condé Nast has announced plans to combine its domestic and international business interests, according to the Wall Street Journal.
The publishing group’s chief executive officer, Bob Sauerberg, is expected to step down from his role as the company restructures. Once a new global chief executive is hired, Jonathan Newhouse will step down as chief executive officer of Condé Nast International and will become the chairman of the board.
Sauerberg will continue to have a seat on the board of Reddit, which is owned by Condé Nast parent company Advance Media. Wolfgang Blau, president, Condé Nast International, will keep his position.
The deal will combine Condé Nast International and Condé Nast U.S. operations under a single entity. The news follows a year of speculation and the combination of some of the publisher’s titles including Condé Nast Traveler.