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CNBC Chairman Mark Hoffman to step down in September


Mark Hoffman, Chairman of CNBC

Mark Hoffman, CNBC’s president since 2005 and chairman since 2015, introduced Tuesday he’ll step down on Sept. 12.

Hoffman is leaving of his personal accord. NBCUniversal employed Cesar Conde to oversee NBC News, MSNBC and CNBC in May 2020 to deliver extra centralized management to the group.

KC Sullivan will return to substitute Hoffman as CNBC’s new president. Sullivan has spent the final two years as president and managing director of NBCUniversal’s international promoting and partnerships, primarily based in London. Before that, he was president and managing director of CNBC International and CNBC’s chief monetary officer.

Sullivan will return to the U.S. for his new function. Hoffman will keep on as a guide by the transition, Conde wrote in a observe to NBCUniversal workers.

“Mark has overseen the steady continued growth of CNBC as the world’s #1 business and money news brand,” Conde stated. “No business news organization comes close to the reach and influence of CNBC, a true testament to Mark’s leadership.”

CNBC is one in all NBCUniversal’s most persistently worthwhile belongings, whilst tens of millions of Americans drop linear cable TV subscriptions every year. Hoffman, 65, has elevated profitability at CNBC in 16 of his 17 years working the corporate. CNBC is ready to develop its profitability once more in 2022, in accordance to an individual accustomed to the matter.

“We are in the business of business so it’s important to note we’ve never been more profitable, setting record after record in financial performance, year after year, as we maneuvered through economic cycles, exogenous events and the historic secular change that accompanied the information age,” Hoffman stated in a observe to CNBC workers.

Hoffman’s CNBC tenure

Hoffman first joined CNBC in 1997 earlier than leaving in 2001 for a sequence of management positions at native TV stations. He returned to CNBC in 2005 and instantly pushed to purchase 50% fairness pursuits in CNBC Europe and CNBC Asia from Dow Jones, in addition to a 25% stake in CNBC World.

With monetary management over its worldwide properties, Hoffman expanded CNBC’s TV attain and turned his consideration to rising CNBC’s digital enterprise. CNBC.com has grown 6-fold in the previous six years, with distinctive month-to-month readership rising from about 30 million to almost 200 million.

He’s centered on consistency on the cable community aspect, which nonetheless makes up the vast majority of CNBC’s income. Hoffman has renewed contracts for notable TV personalities together with Jim Cramer, Joe Kernen, Becky Quick, David Faber, Carl Quintanilla and Andrew Ross Sorkin to keep CNBC’s management as a trusted supply of stories, particularly for wealthier Americans.

“Once defined as a moribund domestic cable channel that many thought would never fully recover from the dotcom bubble bursting, CNBC is today a global multimedia powerhouse, punching far above its weight, in the digital age,” Hoffman stated.

While CNBC is not rated by Nielsen, CNBC TV has ranked No. 1 amongst all enterprise information platforms for 29 consecutive years in reaching Americans who make greater than $125,000 a yr, in accordance to Ipsos surveys.

Disclosure: Comcast‘s NBCUniversal is the dad or mum firm of CNBC.

Source: www.cnbc.com

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