Conde Nast chief executive Bob Sauerberg will step down to make way for a new global chief as part of a major restructure.
The reorganisation of the Vanity Fair, Vogue and New Yorker publisher will see the US business merge with Conde Nast International into one company.
Conde Nast International chief executive Jonathan Newhouse will also leave his role but remain with the business as chairman of the board of directors.
In a statement, Newhouse and Steve Newhouse, chairman of Conde Nast parent company Advance Publication’s digital arm, announced a search has begun for a chief executive “with global experience” to lead the new combined Conde Nast.
They said: “Over the past year, Conde Nast and Conde Nast International have been working together more closely than ever to refine growth strategies, accelerate innovation and develop the right organisational structures to ensure the company’s success in a rapidly evolving media landscape.
“Our brands have worldwide influence and impact, and our business is increasingly becoming more global, and we are organising the company to reflect that.
“To realise the full potential of Conde Nast – for our audiences and our business partners – the time is right for the US and International companies to truly function as one company.”
The statement confirmed that Sauerberg (pictured) will leave his post as the company’s US chief executive “to pursue other opportunities” after a transition period.
Sauerberg was promoted to chief executive in 2016 and revealed his five-year plan for the company only in August this year.
Other members of senior operating management teams, including Wolfgang Blau as president of the international division, will remain in their positions.
London-based Blau denied on Twitter that he planned to move to New York or apply for the new global chief executive role.
He said: “I am happy with what I am doing here and thankful for the opportunity to support our global growth and the future global CEO from here in London.”
Blau also said: “Today is a big day in our evolution as a truly global publishing and media company. We will build on the great work done by Bob Sauerberg in the US and by so many other brilliant Condé Nast teams in Asia, Europe, the Middle East and Latin America.”
Picture: Steve Marcus/Reuters