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CNBC Chairman Mark Hoffman to step down in September

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 supervise NBC Information, MSNBC and CNBC in Could 2020 to carry extra centralized management to the group.

KC Sullivan will return to switch 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, primarily based in London. Earlier than that, he was president and managing director of CNBC Worldwide and CNBC’s chief monetary officer.

Sullivan will return to the U.S. for his new function. Hoffman will keep on as a guide by the transition, Conde wrote in a be aware to NBCUniversal workers.

“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 near the attain and affect of CNBC, a real testomony to Mark’s management.”

CNBC is one in all NBCUniversal’s most constantly worthwhile property, whilst tens of millions of People drop linear cable TV subscriptions every year. 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 keeping with an individual aware of the matter.

“We’re within the enterprise of enterprise so it is essential to notice we have by no means been extra worthwhile, setting document after document in monetary efficiency, yr after yr, as we maneuvered by financial cycles, exogenous occasions and the historic secular change that accompanied the data age,” Hoffman mentioned in a be aware to CNBC workers.

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 amass 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 sixfold previously six years, with distinctive month-to-month readership rising from about 30 million to almost 200 million.

He is targeted on consistency on the cable community aspect, which nonetheless makes up nearly all of CNBC’s income. Hoffman has renewed contracts for notable TV personalities together with Jim Cramer, Joe Kernen, Becky Fast, David Faber, Carl Quintanilla and Andrew Ross Sorkin to take care of CNBC’s management as a trusted supply of stories, particularly for wealthier People.

“As soon as outlined as a moribund home cable channel that many thought would by no means totally get better from the dotcom bubble bursting, CNBC is as we speak a world multimedia powerhouse, punching far above its weight, within the digital age,” Hoffman mentioned.

Whereas CNBC is not rated by Nielsen, CNBC TV has ranked No. 1 amongst all enterprise information platforms for 29 consecutive years in reaching People who make greater than $125,000 a yr, in keeping with Ipsos surveys.

Disclosure: Comcast‘s NBCUniversal is the dad or mum firm of CNBC.

This text was initially printed by cnbc.com. Learn the authentic article right here.

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