Shane Smith is out as the CEO of $5.7 billion Vice — and a seasoned media exec is coming in to replace him

Shane Smith is out as the CEO of $5.7 billion Vice — and a seasoned media exec is coming in to replace him

  • Vice confirmed Tuesday that Shane Smith became as soon as stepping down as CEO of the storied hipster media firm he cofounded.
  • Smith is being replaced Nancy Dubuc, the historic CEO of the cable firm A+E Networks.
  • Dubuc joins on the heels of a tough monetary year at Vice, which disregarded its revenue targets on account of struggles with its TV channel Viceland.
  • Dubuc also will get to manage with diverse govt sexual-harassment scandals.

Foto: Nancy Dubuc is the contemporary CEO of Vice Media.sourceBryan Bedder/Getty Photos

Shane Smith is officially out as CEO of Vice Media, as the firm confirmed earlier reports that the historic A+E Networks CEO Nancy Dubuc would possibly perchance presumably be replacing the media rich particular person.

Smith, who cofounded the $5.7 billion media firm in 1994, will switch to the position of govt chairman to focal level on strategic presents and whine material pattern, the firm acknowledged.

“Why Nancy Dubuc? Simply do, because no longer frequently ever in enterprise create you catch to work in a perfect partnership,” Smith wrote in a press launch announcing the change. “First off, she is better than me at the total lot. Second, it enables me to switch to Executive Chairman, the place I’m in a position to hear to the fully things that I’m appropriate at – whine material and presents.”

“Thirdly, as we dawdle forward VICE needs a pleasing-in-class administration crew to harness all of this disclose and resolve an eye on our dangle future, whether or no longer it is staying independent, strategically partnering with someone or going public,” Smith added. “Lastly, I catch to work with one of my pleasant friends and media heroes. We are a as a lot as the moment day Bonnie and Clyde and we’ll decide all of you money.”

Dubuc announced her departure from A+E on Monday, but she didn’t in the foundation verify her switch to Vice.

“In her roughly 20 years at A+E Networks, Nancy played a famous position in building the success of A&E, Historical past, and Lifetime, and we thank her for her management,” Disney-ABC Television Neighborhood’s chief, Ben Sherwood, and Hearst’s CEO, Steven Swartz, who crawl A+E’s father or mother corporations, acknowledged in a press launch.

Dubuc’s wretchedness: fixing Vice’s culture and financials

Dubuc joins Vice at a time of transition and turmoil as the hipster data outlet looks to manage with issues of a sexist company culture while proving it has the chops to fulfill monetary targets.

Vice fired its chief digital officer Mike Germano in January over sexual-harassment allegations, and its president, Andrew Creighton, is on proceed and below investigation over identical allegations.

In December, an investigation by The Contemporary York Occasions stumbled on four settlements linked to sexual harassment and defamation on the firm, at the side of allegations against Creighton.

The Occasions also interviewed dozens of females who described a culture of sexual harassment and unwanted advances on the firm, which positions itself as a modern and antiestablishment media mark.

Nonetheless firm culture isn’t Vice’s fully wretchedness.

The firm has also struggled financially since raising $450 million at a whopping $5.7 billion valuation in June.

Vice, which is non-public and would now not fragment its financials publicly, final year disregarded its $805 million revenue purpose by extra than $100 million, per The Wall Avenue Journal.

That proceed out became as soon as largely on account of difficulties at Vice’s cable TV channel, Viceland, per The Journal.

Here is Dubuc’s plump statement on her contemporary position:

“Shane and the crew at VICE believe done what all of us aspire to create – originate a mark and perform whine material that folk truly care about. VICE speaks to a technology that defines this day’s cultural dialog, and the opportunity to accomplice with all of the incredibly inventive folks right through all of the firm became as soon as one of these rare moments in a occupation.

“Because the next chapter of media is written by founders such as Shane and Suroosh, it’s an honor to affix a mark with such tall opportunity and I look forward to rising the platform for decades to approach.”

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