Condé Nast Culls Its C-Suite in Fresh Round of Layoffs

The digital media company Condé Nast laid off a number of its top executives, along with key events, social media, and editorial staff, in a targeted round of cuts Thursday evening, according to interviews with four current and former staff.

A representative for the company confirmed the layoffs but declined to share their exact scope. 

At least 14 employees were affected according to multiple sources, including: chief business officer Eric Gillin; chief business officer Craig Kostelic; senior vice president of global commercial marketing Eric Johnson; head of industry, entertainment, Bill Mulvihill; vice president of sales Stephanie Begnal; executive director Melissa Schwarz; global vice president of events Krista Boyd; senior vice president of global events and business services Patrick Garrigan; executive director of events and festivals Seth Dodson; and senior director of business operations and finance, festivals, and events Liz Pesnel.

Kostelic will stay with Condé Nast through March, while the other departures are immediate.

The layoffs come as part of a broader restructuring at the media company. When chief revenue officer Elizabeth Herbst-Brady joined the organization in August, she combined the commercial and consumer revenue divisions of the company, which had previously been siloed.

The combining of these two divisions is a partial factor in the layoffs, according to two people familiar with the matter. Another factor stems from Herbst-Brady’s need to balance the budget in light of the challenging commercial circumstances facing the company.

“[Herbst-Brady] has a fresh perspective and is a really strong strategic operator,” said a person familiar with the situation. “She’s been looking at the budget and trying to get it to a realistic place based on the variables and conditions happening with our revenue streams.”

Condé Nast is also reorganizing parts of its editorial profile.

In addition to the executive cuts, several members of the GQ team were laid off, according to a source.

The editor in chief of Allure, Jessica Cruel, will also become the editor in chief of Self, and both titles also laid off staff, according to a source with direct knowledge. There were also layoffs at the studio business of the company, previously called Condé Nast Entertainment, that same source said.

The company is expected to host an all-hands meeting Friday morning, where the executive team is expected to shed more light on the changes occurring at the digital media firm.

The publishing industry has suffered a spate of layoffs recently, including Vox earlier today, and Hearst last week.