Condé Nast has announced that the CEO of its American operation, Bob Sauerberg, will be stepping down in the coming months.
Rather than replacing Sauerberg, the company will hire a global chief executive officer to run both Condé Nast and Condé Nast International, the two entities that have previously been overseen by seperate CEOs.
Jonathan Newhouse, who is currently CEO of Condé Nast International, will also step down, but resume the role of chairman of the board of directors and remain in London.
A memo to staff obtained by CNN Business read: "Our brands have worldwide influence and impact, and our business is increasingly becoming more global, as we continue to innovate in video, agency, conferences, consumer products, data and other brand-aligned projects.
"We have concluded that the time is right for us to combine our U.S. and international companies to realize the full potential of Condé Nast for our audiences and our business partners."
It went on to reveal that Sauerberg will remain with the company "until the transition is completed."
It's thought the search for the new CEO, who will lead the newly combined company, is expected to take up to six months. It's unclear if anyone has been approached yet.
WWD has speculated that cuts to staff and operations will likely continue with the combination of the two Condé entities. However, it also reports that the company is likely to break even this year, following two years of losses.
