Skip to comments.Forbes fade-out (Steve Forbes and other founding family members exit Forbes Media)
Posted on 11/16/2010 11:50:57 AM PST by WebFocus
For the first time since B.C. Forbes launched his namesake magazine 93 years ago, there will be no members of the founding family involved in the day-day operations of the corporation.
The reigning Forbes family scions -- Chairman and CEO Steve Forbes and Chief Operating Officer Tim Forbes -- are exiting management of Forbes Media and turning the firm over to an outsider.
Publishing industry veteran Mike Perlis will be president and CEO, a new title at Forbes, as it scrambles to solve the riddle of how to blend its digital and print domains.
Steve Forbes, who is also editor-in-chief of Forbes magazine, will relinquish the CEO title, while Tim Forbes will give up the COO position.
"We've been looking at doing this for some time now," said Tim Forbes, who will now be a board member and have the title of chairman of Forbes Digital. "It wasn't a case of reluctance, but one of care and caution in finding the right person."
Older brother Steve will keep the titles of chairman and editor-in-chief of Forbes magazine. Both brothers will keep their seats on the board.
"We're definitely stepping down from day-to-day," Tim Forbes said. "But we will both be active on the board. And we'll both be pretty involved in helping Mike [Perlis]."
In 2006, the family-owned company sold a sizable stake -- estimated to be around 40 percent of the stock for between $250 million and $300 million -- to Elevation Partners, the Silicon Valley-based investment firm co-founded by U2 frontman Bono and Roger McNamee.
(Excerpt) Read more at nypost.com ...
Some people just won’t go down with the ship.
Dead tree media is obsolete.
Look how the mighty have fallen.
I knew the Forbes family had started to scale back on their involvement in the magazine some years ago. I think the “official” separation occurred (in the minds of most Steve Forbes fans) when they sold off the building in Bedminster, NJ where the company’s offices had been located for years.
Well that splains a lot.
Lady Gaga on the list of most powerful women in the world??????????????