Duncan Edwards Steps Down as CEO of Hearst Magazines International
Following Edwards' departure, president David Carey announces restructuring of Hearst Magazines to follow global strategy.
Updated Wednesday, June 15 at 3:50 pm.
Hearst Magazines International (HMI) president and CEO Duncan Edwards has announced he is leaving the company, after seven years in the position and 27 years total at Hearst. Edwards will be staying on at the company as an advisor until the end of the year.
Prior to becoming president and CEO, Edwards served as CEO of Hearst’s UK operation, previously known as The National Magazine Company.
According to an internal memo from David Carey, president of Hearst Magazines, Edwards led Hearst’s UK operations to a period of growth, was responsible for the Lagardère acquisition in 2011 and the integration of those properties, and launched several media enterprises globally. He further helped propel the company toward double-digit growth in digital audience.
“Frank Bennack, Steve Swartz and I are grateful for Duncan’s far-reaching contributions to Hearst, and we wish him the very best in his next endeavor,” Carey said in the memo.
The memo also announced that Hearst will be moving towards a more global strategy, integrating its US and international operations.
The decision parallels Time Inc.’s plans to follow a more global strategy and increase synergy across departments, as Eric Danetz recently told Folio:.
“Just as so many key players are following global strategies, from Facebook to Estée Lauder, with Duncan’s departure, we are evolving to become even more interconnected, bringing our U.S. and international business operations closer together to create a more united organization,” said Carey.
In line with this strategy, Carey announced that Edwards’ role will not be re-filled, as Hearst Magazines International’s core functions will be fully integrated with Hearst’s U.S. teams and leadership, part of a “One Hearst” initiative.
Moreover, it was revealed that Troy Young, currently president of Hearst Magazines Digital Media, will oversee digital outside of the U.S., with a digital team supporting individual market execution.
Likewise, Michael Clinton, president of marketing and publishing director at Hearst, will lead an integrated global ad sales structure, with Andy Hart, currently HMI’s SVP, chief revenue officer, and Hearst Advertising Worldwide reporting to him.
Finally, financial operations will also be integrated, under Debi Chirichella, Hearst’s SVP and CFO.
Carey further announced that he will work directly with Anna Jones, CEO of Hearst Magazines UK, on two joint ventures in Russia. Meanwhile, Simon Horne, currently HMI’s SVP, chief financial officer, and general manager will increase his general management responsibilities and oversee Hearst’s Asian operations and joint ventures. Giacomo Moletto, CEO of Hearst Magazines Italy, will oversee Hearst’s operations in Spain and the Netherlands.
The move toward a more global strategy comes in the wake of several years of international expansion, including the the Lagardère acquisition in 2011.
In 2012, HMI expanded its footprint in Asia with the launch of its Singapore edition of Esquire. This was followed by the launch of Elle magazine in Australia in 2013, as part of a partnership with Bauer Media Groups and Lagardère Active. Also in 2013, the company formalized global digital ad sales through an advertising sales group called Totally Global Media. The group formalized a network of Hearst magazine websites and their international counterparts.
“We will surely fine-tune our structures in the weeks and months ahead, with a common goal: one enterprising global ecosystem with the best Hearst content, ideas, and strategies flowing naturally in all geographic directions. It’s a period of dynamic change across all media sectors, in all markets, and our One Hearst focus will leverage our best business practices, people, and products to grow our company,” Carey concluded in the memo.