Nancy Dubuc informed Vice Media staff members on Friday that she was stepping down as CEO after five years with the company. It was not immediately clear who would replace her.
“Today, Vice has an incredible opportunity in the hands of a new leadership team that is looking to leverage the businesses we have built and grown and lay the foundation for the future,” Dubuc said in the email. Friday. “I know you are some of the most resilient, creative and determined talent in the industry and your future is bright and hopeful.”
Dubuc joined Vice in 2018 after leaving her role as CEO of A+E Networks, where she had worked for 20 years. She succeeded Vice co-founder Shane Smith, who remained the company’s executive chairman. A+E Networks and Vice came together in a joint venture to create the Viceland channel.
“Nancy joined VICE at a pivotal time and has built an exceptional team that has positioned the company for long-term success,” Vice’s board of directors said in a statement Friday. “We thank Nancy for her many contributions and will soon announce a new direction to guide VICE into its next stage of growth and transformation.”
Dubuc’s departure comes as Vice, like its digital media peers, faces ongoing challenges from declining viewership and advertising. In addition to growing competition for advertising dollars from tech giants like Googlethe media industry as a whole faced a slowdown in the advertising market as macroeconomic conditions led to uncertainty and lower spending.
Vice recently restarted its sales process, CNBC reported last month. The company, which was valued at $5.7 billion in 2017, is now likely to fetch a price below $1 billion, after initially looking for a price between $1 billion and $1.5 billion, it said. reported CNBC.
Vice hired advisers last year to help with the process of selling all or part of its business, and was close to striking a deal with Greek broadcaster Antenna Group until talks stalled recently. Today, Fortress Investment Group, one of Vice’s lenders, is playing a leading role in the sale process.
Still, Vice ended 2022 with a slight increase in revenue, though business deteriorated amid macroeconomic headwinds, CNBC previously reported. Some of its units posted profits last year, but overall the business was not profitable for 2022.
Read Dubuc’s full memo:
Dear Vice Media Group Team,
I am writing to you today with some bittersweet news. It’s been an exciting five years since you joined Vice, and I’m incredibly proud of the significant and lasting accomplishments we’ve made together. We’ve transformed this company from a disparate brand into a diverse, fully-formed media company, with a thriving news organization hosting a collection of some of the most recognizable consumer brands. Your commitment to excellence, progress and ethics is unparalleled and the relationships we have built are forever. This is why as my term anniversary approaches, it is so difficult to share that I have made the decision to move on to the next chapter.
I’m proud to leave a better Vice than the one I joined. Together, we have won incredible victories while battling unprecedented macroeconomic headwinds caused by the pandemic, the war in Ukraine, and the economy, which have forced us all to pivot, refocus, and pivot again. Despite all this, the brands Vice, Vice Studios, Pulse, as well as Virtue, R29, iD and Unbothered are strong. We halved overhead while improving the quality of our revenue through increased profitability and growth in recurring revenue. As we face new headwinds in the market, Vice is now less dependent on advertising and our gross margins have more than doubled.
More importantly, while there is still a lot of work to be done, Vice is a more diverse and inclusive environment than ever.
Today, Vice has an incredible opportunity in the hands of a new leadership team looking to leverage the businesses we’ve built and grown and lay the foundation for the future. I know that you are some of the most resilient, creative and determined talent in the industry and that your future is bright and full of hope.
Remember what I’m trying to remind you of, which is to appreciate how far you’ve come. The achievements are many, from new ventures to completely rebuilt operations and countless rewards for brave work. But remember to anticipate the possibilities.
I also want to thank Shane and Suroosh for their trust and the many board members and investors along the way. I’ll cheer you on from the sidelines.
Left foot, right foot.
Nancy
