Condé Nast is expected to roll out another reorganization as early as this week.
Insiders said that the changes will impact the entire company and include “heavy” cuts on the editorial and business teams with a continued structural reconfiguration of the advertising sales teams. The result is rumored to be more centralization and teams working across titles. Condé Nast declined to comment.
The reorganization is linked to the fact that the company is said to be losing more much money than it did last year, which was already a tough one given the unstable retail and fashion advertising environment and the volatile print media landscape. Like its print-centric competitors, Condé Nast has slashed costs and consolidated jobs on the print side while making an effort to invest in building up its digital business.
Earlier this year, Condé Nast unveiled a major reorganization, which was devised by Jim Norton, the recently hired chief business officer and president of revenue.
Norton’s reorganization changed the original structure of one publisher per magazine title and instituted more of a group-publishing model, in which “chief business officers” would oversee multiple magazines. (The New Yorker and Vogue would retain the old single-publisher model). Certain publishers were also elevated to sell across categories, such as luxury or beauty, and were given the incongruous title of chief industry officer.
The changes largely decentralized the advertising selling structure to accommodate a multichannel selling strategy. In recent months, Condé Nast shifted more resources to the chief business officers and away from the industry teams amid growing frustration with Norton and his vision.
The difficult environment has sent many senior and midlevel employees packing, as well as an exodus of some human resources staffers. Departures of note have included rising stars Howard Mittman, the chief business officer of the men’s group who decamped for Bleacher Report, and fashion and luxury chief industry officer Brendan Monaghan. On the editorial side, Keija Minor, the editor in chief of Brides, stepped down last week.
As unease grows in the halls of One World Trade Center, so too do the different versions of what is to come in terms of how the titles will be reorganized and which executives and editors will be on the chopping block.
But that’s life in the Game of Thrones land that is Condé Nast.