Nussbaum To Penton Staff: ‘It Has Been Decided That I Will Be Leaving’
It was announced today that Prism CEO John French will become CEO of the soon-to-close merger of Prism and Penton Media.
Penton CEO David Nussbaum has decided that he will leave the company when the merger is complete sometime during the first half of next year. Until today, the b-to-b industry was abuzz with speculation about which exec would get the new CEO spot. Given Nussbaum’s hefty golden parachute, it’s not terribly surprising he’s decided to move on.
Penton filed an 8-K form with the SEC today that included copies of the press release announcing French’s CEO appointment, and a letter from Nussbaum to Penton’s employees announcing his planned departure. Here’s what he had to say:
As you know, the merger process with Prism Business Media is continuing as Penton is awaiting SEC approval on our proxy statement. Once that proxy is approved, we will go to our shareholders and ask them to vote the transaction. It is anticipated that the deal could close between late January and late February.
Once the deal closes, it has been decided that I will be leaving the merged company and John French will become the CEO. First let me congratulate John, and wish him the best of luck and success. As a former Penton executive, he understands our culture and people well and thus should be positioned to lead our company successfully.
Secondly, I’d like you to know that Wasserstein/MidOcean and I had many long discussions about my role with the company, and came to the same conclusion — that I am anxious and excited to try a new path of discovery and thus it was best for the business that we part ways. I have pledged to the new future owners of the business that I will be available to help in the integration when called upon. I make the same pledge to each of you, if you need to talk, brainstorm, or simply chat—I am available to you as well.
It is important to note that I still, and always will, care very much about each and every one of you. We have been through a lot together as we revived Penton and returned it to its place of glory in the business media industry. I have told everyone who would listen that we have the best team in the business. You are resilient, strong minded, creative, passionate and have a hunger to win. I feel honored and privileged to have had the pleasure of leading this team for the past several years.
Thank you for all your contributions, for your friendship and for your support.
And please stay in touch. I won’t be leaving until the deal closes and will get you my future contact information then.