Baba Shetty has been named the new CEO of Newsweek/The Daily Beast. Shetty comes to the company from the ad agency Hill Holliday. He had been at Hill Holliday since 2006, most recently serving as its chief strategy officer.
“Baba is a real catalyst in bringing ideas to the marketplace,” said Tina Brown, in a memo announcing the hire. “We collaborated on our very successful Mad Men issue together and forged a terrific creative relationship in the process. He is extremely gifted at brand and digital strategy, and is the perfect partner for the next phase of The Newsweek Daily Beast Company and our expanding live events business.”
Stephen Colvin, CEO of Newsweek/The Daily Beast since 2011, is leaving the company in October. He will be joining Lerer Ventures, a venture capital firm, as an executive-in-residence.
Unike Colvin — who reported to Barry Diller — Shetty will be reporting to Brown.
Read the full memo from Brown after the jump.