Big fish gets hook
Condé Nast digital chief exits company
Condé Nast’s chief digital architect is leaving the company, a departure that many staffers view as a bad omen for the firm as it looks to move beyond its glossy print business.
Once viewed as a rising star at the publishing house, Chief Digital Officer Fred Santarpia is leaving the company next month, according to a memo obtained by The Post.
Santarpia is the latest in a string of departing big-name execs who had been central to a plan to expand Condé’s business. They included Condé Nast Entertainment president Dawn Ostroff, who oversaw video, and Chief Experience Officer Josh Stinchcomb, who oversaw integrated marketing, live events and its in-house creative agency.
Sources said Santarpia is not expected to be replaced, as the company continues to “evolve” its digital business. But “evolve” has been code for “shakeup” in Condéland, and that’s a big change for its digital division, which until now has largely been viewed as untouchable.
During his six-year tenure, Santarpia played a major role in developing the company’s digital business, but that business hasn’t expanded quick enough to make up for shrinking print revenue. This summer, the magazine publisher put up a For Sale sign on W, Brides and Golf, as it tries to reverse a loss of $120 million in 2017 on revenue estimated to be under $900 million.
In order to become cost efficient, the company has begun to centralize its US operations with its London outpost, Condé Nast International. In a memo Tuesday, Condé Nast CEO Bob Sauerberg said the move would “unlock unlimited opportunities” and “drive significant growth.” He did not, however, address rumors that the centralization is widely seen as an eventual move to combine the two companies.
A rep from Condé Nast did not comment on that speculation, nor did he comment on buzz that the firm is planning on more executive-level departures and job cuts in the coming weeks.