Digital media company Condé Nast laid off a number of its top executives, as well as key event managers, social media and editorial staff, in a series of targeted cuts Thursday evening, according to interviews with four current and former employees.
A company representative confirmed the layoffs but declined to share the exact extent.
At least 14 employees were affected according to several sources, including: sales director Eric Gillin; commercial director Craig Kostelic; Eric Johnson, senior vice president of global trade marketing; entertainment industry chief Bill Mulvihill; Vice President of Sales Stéphanie Begnal; executive director Melissa Schwarz; Krista Boyd, global vice president of events; Patrick Garrigan, senior vice president of global events and corporate services; executive director of events and festivals Seth Dodson; and Senior Director of Business Operations and Finance, Festivals and Events, Liz Pesnel.
Kostelic will stay at Condé Nast until March, while the other departures are immediate.
The layoffs are part of a broader restructuring at the media company. When revenue director Elizabeth Herbst-Brady joined the organization in Augustit combined the company’s commercial and consumer divisions, which had previously been siled.
The consolidation of these two divisions is partly responsible for 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 difficult business circumstances facing the company.
“[Herbst-Brady] has a fresh perspective and is a very strong strategic operator,” said a person familiar with the matter. “She looked at the budget and tried to make it realistic based on the variables and conditions that affect our revenue streams.”
Condé Nast is also reorganizing part of its editorial profile.
In addition to the staff reductions, several members of the GQ team have been laid off, according to a source.
Allure editor-in-chief Jessica Cruel will also become Self’s editor-in-chief, and both titles have also laid off staff, according to a source with direct knowledge. Layoffs also took place in the company’s studio business, previously called Condé Nast Entertainment, the same source said.
The company is expected to hold an all-hands meeting Friday morning, where the leadership team is expected to shed light on the changes underway at the digital media company.
The publishing industry has recently suffered a wave of layoffs, including Vox earlier todayand Hearst last week.
