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Posts Tagged ‘John Bellando’

Major Executive Changes at Condé Nast

unnamedBig changes have just hit Condé Nast. Editorial director Tom Wallace and COO and CFO John Bellando are both leaving the company, while David Geithner — a former veteran of Time Inc. — is joining as CFO.

Wallace’s exit will give even more power to Condé’s artistic director, Anna Wintour. In a memo announcing the changes, Chuck Townsend, the publishing house’s CEO, wrote that Wintour “will ensure that our content and culture remain at the forefront of our industry.”

Bellando had been with Condé since 1999. Geithner will take over Bellando’s CFO duties, while Bob Sauerberg will “assume a leading role in all revenue generation activities,” wrote Townsend.

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Condé Nast Creates Fraud Hotline

4 times square.jpgThings seem to be looking up for Condé Nast in the New Year, and Si Newhouse wants to keep it that way.

In order to avoid an embarrassing computer hacking like the one that hit GQ and other titles last year, or some similar fraud, the magazine publisher has set up a 24-hour fraud tip hotline, Keith Kelly reports today.

In a memo sent to staff yesterday, CFO John Bellando explained that the hotline was intended to allow employees to report instances of any “release of proprietary information, accounting/audit irregularities, falsification of company records, theft of goods/services/cash,” and even “unauthorized discounts/payoffs.”

From the outside, it would seem like this sort of thing is rampant at Condé. If that’s the case, will this move help stem the tide? We’re also wondering if releasing Bellando’s memo to Kelly would be cause to call the hotline. In any case, don’t stop sending those tips our way!

Read more: Fraud crackdown shocks Condé NastiesNew York Post

Previously: Conde Nast Promotes Execs, Awards Top Publishers

Don’t Forget, Magazine Closures At Condé Nast Are Still Possible

pink slip.jpgEarlier this week, new reports about Condé Nast executives’ meetings with publishers and editors of various publications mentioned budget cuts of around 25 percent — but not the possibility of title closures. Although there has been ominous talk all summer predicting what titles may get the axe after McKinsey & Co. leaves 4 Times Square for good, we were hopeful that the proposed budget cuts meant Condé’s magazines were safe for now.

Not so fast, says today’s Memo Pad column in Condé-owned WWD. Just because conversations have shifted from closures to budget cuts doesn’t mean we won’t see some titles fold in the near future.

At recent meetings with chief operating officer John Bellando, editors and publishers have been asked to trim budgets and given a packet outlining ways to accomplish this — “with everything from employee head count, freelance budgets, publishing schedules, travel and expenses, photo shoots and administrative costs being scrutinized,” the Memo Pad item said.

However, after leaders from Condé’s titles formulate their cost-cutting plans and submit them to the company’s management, some magazines still might end up on the chopping block. Or not. Or who knows really.

“Top executives at the company could still decide to close titles as opposed to endure budget cuts so extreme that production quality would be jeopardized or advertising and circulation growth would be too difficult,” the column explained. “Or, as earlier chatter indicated, management could opt for no closures at all and tough it out until the economy recovers.”

Turns out, even media reporters from inside Condé Nast’s walls don’t really know much more than anyone else. We’ll be keeping an eye on all of these developments.

Memo Pad: Not So FastWWD

Earlier: Layoffs On The Horizon For Condé Nast?

(Photo via Flickr)

Layoffs On The Horizon For Condé Nast?

4 times square.jpgWith McKinsey & Co. wrapping up its work at Condé Nast, the vultures are out. Severe budget cuts are a given, and layoffs are not too much of a stretch. The question is: which publications will be hardest hit?

Last week, we reported that publishers were likely going to be asked to cut their budgets by 25 percent. That same number has shown up in articles in Crain’s New York Business and The New York Observer.

According to Crain’s, publishers have already started meeting with the company’s Chief Operating Officer John Bellando, although the actual cutting may not start until October. Reports Crain’s:

“The meetings with Mr. Bellando, which began last week and are continuing through this week, are aimed at reducing budgets at each of the company’s titles by an average of 25 percent, sources say. The editors and publishers, who will be in charge of cutting from their respective departments, will have two to three weeks to submit their budgets for approval. Staff and spending cuts could soon follow.”

The Observer reports that leaders at Details, Condé Nast Traveler and Glamour have already had meetings where they have been asked to cut budgets by about 25 percent. Gourmet and Teen Vogue have also reportedly had similar meetings where they were asked to make the same cuts. However, as previously reported, The New Yorker is immune to these cuts, The Observer said.

There is one upside: neither of these insider reports mention any titles as being at risk for closure. If these reports are to be trusted, it looks like all of Condé Nast’s remaining titles could escape the chopping block. However, their staffers may not be as lucky.

Condé Nast execs expected to cut 25%Crain’s New York Business

McKinsey Proffers Pie Graphs: Several Condé Mags to Cut “25-ish Percent”The Observer

Earlier: Could Condé Nast Cut Budgets By 25 Percent?