1 year ago
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Nancy Dubuc, main enforcement serviceman of Vice Media
Christopher Goodney | Bloomberg | Getty Images
Nancy Dubuc notified Vice Media staffers connected Friday that she's stepping down from her station arsenic CEO aft 5 years astatine the company. It was not instantly wide who would regenerate her.
"Today Vice has an unthinkable accidental successful the hands of a caller absorption squad who are looking to harness the businesses we built and grew and to laic the groundwork for the future," Dubuc said successful Friday's email. "I cognize you are among the astir resilient, creative, and determined endowment successful the concern and your futures are agleam and hopeful."
Dubuc joined Vice successful 2018 after leaving her station arsenic CEO of A+E Networks, wherever she had worked for 20 years. She succeeded Vice co-founder Shane Smith, who remained arsenic the company's enforcement chairman. A+E Networks and Vice came unneurotic successful a associated venture to make the transmission Viceland.
"Nancy joined VICE astatine a pivotal clip and enactment successful spot an exceptional squad that has positioned the institution for semipermanent success," Vice's committee of directors said successful a connection Friday. "We convey Nancy for her galore contributions and volition soon denote caller enactment to usher VICE guardant into its adjacent signifier of maturation and transformation."
Dubuc's departure comes arsenic Vice, similar its integer media peers, facing ongoing challenges with shrinking assemblage numbers and advertising. In summation to increasing contention for advertisement dollars from tech giants similar Google, the media manufacture arsenic a full has been contending with a slowdown successful the advertizing marketplace arsenic macroeconomic conditions person led to uncertainty and a pullback successful spending.
Vice recently restarted its merchantability process, CNBC reported past month. The company, which had been valued astatine $5.7 cardinal successful 2017, is present apt to fetch a terms tag beneath $1 billion, aft initially looking for a terms tag betwixt $1 cardinal and $1.5 billion, CNBC reported.
Vice hired advisors past year to facilitate a merchantability process of immoderate oregon each of its business, and had been nearing a woody with Greek broadcaster Antenna Group until the talks precocious stalled. Now, Fortress Investment Group, 1 of Vice's lenders, is simply a driving unit successful the merchantability process.
Still, Vice ended 2022 with a flimsy summation successful revenue, though the concern deteriorated among the macroeconomic headwinds, CNBC antecedently reported. Some of its units did station a nett past year, but wide the institution was unprofitable for 2022.
Read the afloat memo from Dubuc:
Dear Vice Media Group Team,
I americium penning contiguous with bittersweet news. It's been an exhilarating 5 years since joining you astatine Vice, and I americium incredibly arrogant of the important and long-lasting accomplishments we person made together. We person transformed this Company from a disparate marque to a afloat formed, diversified media institution implicit with a thriving quality enactment hosting a postulation of immoderate of the astir recognizable user brands. Your committedness to excellence, advancement and morals is unparalleled and the relationships we person built are everlasting. Which is wherefore arsenic the day of my tenure approaches, it is truthful hard to stock that I person made the determination to determination onto the adjacent chapter.
I americium arrogant to permission a Vice amended than the 1 I joined. Together we racked up unthinkable wins portion tackling unprecedented macroeconomic headwinds caused by the pandemic, the warfare successful the Ukraine, and the system each which forced america to pivot, refocus and pivot again. Despite each this the Vice, Vice Studios, Pulse, arsenic good arsenic Virtue, R29, i-D and Unbothered brands are strong. We reduced overhead by fractional and yet improved the prime of our revenues done some accrued profitability and maturation of returning revenues. As we look caller headwinds successful the marketplace Vice is present little advertisement dependent, and our gross margins person much than doubl
Most important, portion there's inactive overmuch enactment to beryllium done, Vice is simply a much divers and inclusive situation than ever.
Today Vice has an unthinkable accidental successful the hands of a caller absorption squad who are looking to harness the businesses we built and grew and to laic the groundwork for the future. I cognize you are among the astir resilient, creative, and determined endowment successful the concern and your futures are agleam and hopeful.
Remember what I effort to punctual you, and that is to admit however acold you've come. The accomplishments are acold and wide— from caller businesses, wholly rebuilt operations and countless awards for brave work. But besides retrieve to look up to the possibilities.
I'd besides similar to convey Shane and Suroosh for their spot and the galore committee members and investors on the way. I volition cheer you connected from the side-lines.
Left foot, close foot.
Nancy
English (US) ·