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 convey 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 world promoting and partnerships, based mostly 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 advisor by means of the transition, Conde wrote in a be aware to NBCUniversal staff.
“Mark has overseen the regular continued development of CNBC because the world’s #1 enterprise and cash information model,” Conde mentioned. “No enterprise information group comes shut to the attain and affect of CNBC, a real testomony to Mark’s management.”
CNBC is considered one of NBCUniversal’s most persistently worthwhile property, whilst tens of millions of Americans drop linear cable TV subscriptions annually. 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 aware of the matter.
“We are in the enterprise of enterprise so it is vital to be aware we have by no means been extra worthwhile, setting document after document in monetary efficiency, 12 months after 12 months, as we maneuvered by means of financial cycles, exogenous occasions and the historic secular change that accompanied the knowledge age,” Hoffman mentioned in a be aware to CNBC staff.
Hoffman’s CNBC tenure
Hoffman first joined CNBC in 1997 earlier than leaving in 2001 for a collection 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 practically 200 million.
He’s targeted on consistency on the cable community facet, 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 outlined as a moribund home cable channel that many thought would by no means absolutely recuperate from the dotcom bubble bursting, CNBC is at the moment a world multimedia powerhouse, punching far above its weight, in the digital age,” Hoffman mentioned.
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 12 months, in accordance to Ipsos surveys.
Disclosure: Comcast‘s NBCUniversal is the mother or father firm of CNBC.