Chief executive of business publisher CMP Information, Gary Hughes, is to leave the business after a restructuring of the company into four ‘market-focused businesses’has made his position redundant.
The strategic reorganisation of CMPi by owners United Business Media follows a reorganisation of its US-based technology media company, CMP Technology, earlier this year. The company said the move was to ‘reposition CMPi’s business towards markets and products that offer the greatest potential for consistent, profitable growth”.
The four new businesses each have a respective CEO, leaving Gary Hughes without a role. The four businesses are International Media, led by Simon Foster, which operates global trade shows; Live Media business led by Jane Risby-Rose, which includes events and magazines such as Interiors, Internet World and the customer management business; Built Environment led by Jonathan Newby, which includes magazines and events for the UK construction and architecture communities such as Property Week; and Conferences led by Ruth Carter.
David Levin, UBM’s chief executive officer said: ‘The reorganisation of CMPi builds on our successful experience in restructuring our US technology media business. This reorganisation is about creating agile, focused businesses that are closer to their audiences and customers, and able to build the products and services the communities they serve really want and need rapidly. These businesses and their terrific management teams – working with UBM’s operational and financial support – are well positioned for future profitable growth.”
He also added he would like to thank Hughes for his ‘energy, passion and commitment to driving the business forward”.
Hughes joined the company in 2005 and in his time significantly upped the face-to face side of the business. Prior to him joining the business had not produced any organic revenue growth for the previous five years, and in 2005, approximately 30 per cent of revenues were derived from face-to-face media. That percentage doubled under Hughes, and last year the company delivered seven per cent organic growth last year, or 16 per cent, taking into account mergers and acquisitions.
Over the last three years UBM invested in 14 acquisitions for CMPi’s business including a number of events and business information businesses such as Ithaca Holdings and ABI.
In an interview with Press Gazette last month Hughes said that the business is run as an integrated portfolio organised by market. He said: “We like markets rather than media formats. We like to be in markets and then work out how to make money in that market rather than say here are magazines and websites, [now] make money even though you have no face-to-face assets.”