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Hearst CEO Resigns Over ‘Irreconcilable Differences’

Victor Ganzi quits citing clash over future of the company.



By Jason Fell
06/18/2008

Victor F. Ganzi has resigned as Hearst president, CEO and director, FOLIO: has confirmed. The reason for his departure was irreconcilable policy differences with the board of trustees over the future of the company.

Hearst’s board of directors has formed a search committee to replace Ganzi as CEO and plans to “explore a full range of options,” the company said. In the meantime, former Hearst CEO Frank Bennack Jr. will fill in as CEO. Bennack serves also as vice chairman of Hearst’s board of directors and chairman of the executive committee.

A Hearst spokesperson did not return  requests for comment.

Ganzi started at Hearst in 1990 as general counsel and vice president. In 1992, he was appointed chief financial and legal officer and was elected senior vice president. Ganzi was promoted to COO in 1998 before replacing Bennack as CEO in 2002.

Ganzi's resignation today follows Hachette Filipacchi U.S.'s earlier announcement that president and CEO Jack Kliger is transitioning into the newly-created position of chairman. Parent company Lagardère Active's “directeur général délégué," Alain Lemarchand, replaces him as CEO.

By Jason Fell
06/18/2008




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