Posted by: Jon Fine on June 18, 2008
Hearst Corp. President-CEO Victor Ganzi is out after 6 years in the top slot. Ganzi, the sixth CEO in Hearst’s 120 year history, is being replaced, at least temporarily, by … his predecessor, Frank Bennack (who’s also the vice-chair of Hearst’s board).
(These guys move fast: The Hearst corporate site was already i.d.-ing Bennack as the CEO this afternoon, not two hours after Ganzi’s resignation was announced.)
The release cites “irreconcilable differences” between the board and Ganzi on future strategy, which is a pretty remarkable admission for a company that long prided itself on being not seen and not heard.
One key indicator of what may be next for Hearst, and whether strategy may take a sharp detour from Hearst’s longstanding fairly conservative ways, is whether or not they get an external CEO to run the company.
My colleague Tom Lowry and I will have a fuller piece up on businessweek.com shortly. (Make that right now.)