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Posts Tagged ‘Steve Forbes’

Forbes.com Loses Its CEO

spanfeller.png Speculation began earlier tonight that Jim Spanfeller would be stepping down from his position as president and CEO of Forbes.com.

Then Steve Forbes sent an internal memo to all staffers announcing the decision.

“In the entrepreneurial spirit that Forbes has always championed, Jim will be setting up his own media management company,” Forbes said of Spanfeller’s future plans.

Spanfeller himself had a quote in the memo: “The world of media has changed rapidly in the past 10 years and the velocity of the change promises only to increase going forward. I’ve had a great run at Forbes and have been deeply involved in the breakthroughs and transformations between traditional and digital media. Now I see a huge opportunity to have my own media management business that will help other traditional media companies make the most of their enormous prospects in digital venues, taking all I have learned here in the past decade and applying on a wider horizon. Forbes.com has truly been a truly wonderful ride and I am deeply in debt to the Forbes family for letting me be a part of it.”

Spanfeller will stay on through the transition period of a new CEO, probably through Labor Day, the memo added. Forbes has been battered by the recession, and its gone through layoffs and imposed furloughs this year to compensate. Who can come on as CEO to save this (most likely) sinking ship?

More Cuts To Come At Forbes?

mcnamee.pngIt’s been a tough year at Forbes. The media company, which owns Forbes magazine, Forbes.com and a handful of other magazines like Forbes Woman, has already gone through two rounds of layoffs across the business and editorial staffs and more bad news might be on the way.

The New York Post‘s Keith Kelly reported today that Elevation Partners’ co-founder Roger McNamee has stepped down from Forbes’ board and will be replaced by Bre Pearlman, who has “a reputation as an aggressive cost-cutter.”

McNamee (left) was the main driver behind Elevation’s purchase of a 40 percent stake in the Forbes family-owned company two and half years ago but, as Kelly pointed out, his departure from the board may show that the company’s chance for growth is slim.

We’re hearing that the mood within the Forbes editorial offices — which recently completed a merger between the online and magazine staffs — is nervous, which former Forbes staffer Peter Kafka has also reported.

Update: A Forbes publicist sent us the memo that went out to staff today from Steve Forbes.

“We fully understand the concerns that the present difficult environment causes,” the memo said. “We want to thank everyone for their hard work. We profoundly believe that the steps being taken, not only short-term painful ones, but also new growth initiatives, will make Forbes stronger than ever when economic recovery comes.”

The full memo after the jump

Read more

Forbes to Merge Print and Online Staff

forbesgg.pngMore on last week’s Forbes.com layoffs. Turns out the layoffs came as part of a move to merge the print on online staffs of the publication beginning January 2009. Per the memo that CEO Steve Forbes sent to staff:

Over the next few weeks, the sales and marketing groups of Forbes magazine and Forbes.com will be combined into three specific units under the Forbes Media umbrella…The leaders of the newly established groups will report to The Office of the Chairman, which will consist of Steve Forbes, Chairman and CEO of Forbes Media; Timothy Forbes, President and COO of Forbes Media; and Jim Spanfeller, President and CEO of Forbes.com.

WWD says that in total 43 people were laid off but they mostly came from the business side meaning that “the edit side is soon to follow.”

Forbes Names Daughter Publisher Of New Women’s Spinoff

moira_forbes_053007.jpgWe first heard about the planned launch of a ForbesLife spinoff aimed at executive women at Michael’s last week. Now comes word that Steve Forbes‘ daughter Moira, currently the associate publisher of ForbesLife, will be publisher of the new launch. (Catherine Sabino will serve as editor.)

The magazine, called ForbesLife Executive Woman, is slated to debut in October.

Forbes group president and publisher James Berrien said: “Moira Forbes is the perfect publisher for this venture, having helped mightily in building the success and growth of ForbesLife over the past three years. Equally important, she is a successful and rising female executive within the company. Her insight and efforts will prove extremely valuable as we launch this great new publication.”

Read: she’s the boss’ daughter.

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