Condé Nast CEO Charles Townsend announced Wednesday the hiring of a new chief financial officer and the departure of two company executives.
In a memo to employees, Townsend announced that David Geithner will be joining the company as CFO, replacing John Bellando, who “has decided to leave the company.” Geithner is a former Time Inc. executive who lost his job when the company was reorganized earlier this year. Also gone is Thomas Wallace, Condé Nast’s editorial director since 2005.
The memo does not say why Wallace and Bellando left.
Bob Sauerberg, president of Condé Nast, will take on an expanded role in the company’s financial operations, taking leadership of “revenue generation activities” and “brand revenue growth,” according to the memo. Townsend and Sauerberg plan to make further announcements about the company’s business strategy.
The full memo is below:
With good reason, Condé Nast has earned a reputation for being the very best. We have the most influential brands in media, the most sought-after audience base and the most talented employees in the business. It is with this commitment to excellence that I am pleased to share a number of strategic leadership changes we are making as part of a succession plan we started early this year.
Bob Sauerberg will assume a leading role in all revenue generation activities, including taking direct responsibility for the Condé Nast Media Group, as well as brand revenue growth. This expands his areas of responsibility beyond the management of digital, technology, consumer marketing, business development, corporate administration and Condé Nast Entertainment. Lou Cona, chief revenue officer and president of CNMG, will now report to Bob.
John Bellando has decided to leave the company following fifteen years of extraordinary service. John has been a respected and trusted business partner for many years and I’m grateful that he has agreed to work with us in an advisory capacity through the end of the year.
David Geithner will be joining Condé Nast as CFO starting August 17. David comes to us from Time Inc., where, over the course of a highly successful 20+ year career, he led senior financial functions and served as EVP and president of the Entertainment Group. He will report to Bob, who will be sharing more about David in the coming weeks.
I also want to share that Tom Wallace is departing after a distinguished career with the company. He leaves behind a legacy of editorial excellence that has been the cornerstone of our success.
Anna Wintour, who last year was named the company’s artistic director, will ensure that our content and culture remain at the forefront of our industry. Bob and I will rely on her for her insights and guidance as we build the team that will lead us into the future.
Bob will be making other key announcements shortly about our business direction and strategy going forward. As many of you know, Bob and I have worked side by side as CEO and president to ensure we prepare the company to reach new heights. Today’s announcement begins this seamless transition and gives me more confidence than ever that our best years are yet to come.
Related: Tom Wallace and John Bellando out in big Condé Nast executive shuffle (Capital New York)