Victor Ganzi Out At Hearst

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.)

Reader Comments

Land_of_the_Free

June 18, 2008 7:56 PM

Thanks for the in-depth analysis. All my questions have been answered. End of sarcasm. On a serious note, one would expect BW to come up with something more substantive 8 hours after the WSJ broke the story.

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