American Business Media Cuts Staff, Looks to ‘New Strategic Plan’
EVP Nick Ferrari out; trade group reduces workforce by 40 percent since January.
American Business Media has reduced its workforce again.
Since the beginning of the year, ABM has been forced to trim its staff by about 40 percent, according to president and CEO Gordon Hughes. The most recent cuts include Hughes’ assistant, video editor Mark Flythe and business development executive vice president Nick Ferrari.
“Nick was tasked with recruiting new members, which proved to be too costly,” Hughes told FOLIO:. Over the last six months, Hughes said five other ABM staffers left the group and their positions “have not been replaced.” ABM currently carries a staff of 12.
“We’re experiencing the same difficulties all of our members are facing right now,” said Hughes. “We’ve always been a small operation, so any downsizing is difficult and emotional.”
Hughes said ABM is eyeing a “new strategic plan” to help prepare the group for when the economy begins to turn around. “It’s what every business should be doing,” he said.
Depsite cutting its video editor, Hughes said ABM will not “go off the air,” but will instead outsource its webcasting operations. “We also plan to take the very best of what our members are doing in digital and showcase that,” he said. “In fact, we hope to bring Mark back.”
Earlier this year, ABM altered its annual Digital Velocity conference, transforming the two-day, e-media-focused event into a half-day series of live Webinars, produced at the association’s offices. Hughes said ABM events—excluding the Neal Awards, Top Management and annual meeting—will be produced in on-demand video format.