CMP’s Weitzner Transitions out of CEO Role into New M&A Position
CMP Technology CEO Steve Weitzner is exiting his role as the company’s top executive to take on a new position as head of international M&A and business development, UBM’s CEO David Levin told FOLIO: this afternoon. The decision was a mutual one, says Levin, and a search will begin immediately for a replacement. In the meantime Levin will become chairman until a replacement is found.
Levin notes that during Weitzner’s two-year tenure as CEO, the company has made significant changes to its product mix, going from one that was print focused to one that’s more diverse in its revenue mix. "The structure has been radically shifted from being three-quarters print to being one-third print," says Levin.
CMP Technology‘s revenues, according to Levin, are now in excess of $300 million, with over 40 percent coming from events. To get to that point, the company, under Weitzner’s direction, has spent about $200 million acquiring a number of different companies in the events and online markets-no doubt giving him an excellent education in the world of M&A. Weitzner also led the company through a dramatic restructuring in June in order to better support its focus on digital and events.
In his new role for CMP Technology, Weitzner has a large playing field to work with. "As an organization, UBM’s got over a quarter of its business in Asia. We’ve got substantial and fast-growing businesses in India and China," says Levin. "And in old Europe there are opportunities as well, so Steve has an open field to look at."
Weitzner’s replacement, says Levin, will have to be proficient in both the tech market and a variety of media business models. "We’re looking for somebody who has a passion about the technology business and who has an appreciation for a range of different business models within that," he says.
In the meantime, Weitzner has released the following note to his direct reports:
"When I joined CMP 23 years ago it was still 10 years before the commercialization of the Internet. The only "events" CMP organized were thank you parties for our many loyal print advertisers. In the past two years we have diversified the product mix and made events our single largest line of business through acquisition and organic growth. We’ve also launched many new online communities and products while simultaneously making our online business profitable. I am going to turn my attention to a part of the CMP growth plan that has recently begun to heat up-our international expansion in India, China, Europe and elsewhere. Our portfolio has changed radically and that offers us many new opportunities to grow overseas. I look forward to watching CMP blossom on the growth platforms we have all worked so hard to establish."