Penske Media Corporation (PMC) has promoted George Grobar from executive vice president to chief operating officer today.
In his new position, he will work with PMC business leaders to develop growth plans and realize PMC’s operational and financial plans across its portfolio.
Grobar will also oversee all PMC sales and operations. He will further assume responsibility for all organizational plans and budgets company-wide, on top of continuing to serve as Director on the PMC Board and Board of PMC’s joint venture in India with Zee TV.
“George is an accomplished executive with more than 25 years of financial and operational leadership experience. Over the last decade, George has been one of the single greatest contributors to PMC’s success and relentless growth. His knowledge and expertise will undoubtedly continue to be instrumental as we continue to scale the business globally,” said Jay Penske, PMC chairman and CEO (to whom Grobar will report), in a press release.
PMC has seen an unprecedented amount of growth in recent years. Since October 2012, when it bought Variety for an estimated $25 million, the company has acquired new brands on an almost yearly basis.
In August 2014, PMC bought Fairchild Fashion Media from Condé Nast for $100 million, marking a significant move in which the company assumed B2B titles such as WWD, Footwear News, and Beauty Inc. Grobar was instrumental in the integration of both Variety and Fairchild Fashion Media, according to the statement.
PMC bought GoldDerby.com, which tracked major entertainment awards and asked industry experts and fans to predict winners, in July 2015. This move was in line with PMC’s increasing number of entertainment industry-oriented brands, as the company integrated the site’s prediction tools across its media assets.
Most recently, in January 2016, PMC acquired independent film site Indiewire.com from SnagFilms, Inc.
In light of these moves, Grobar will also be responsible for integrating future acquisitions, continuing to grow PMC’s digital impact, and working with leadership teams across departments to improve financial and business performance.
“PMC has been rapidly expanding and there are tremendous opportunities for growth in both our current businesses and ones we will undoubtedly be adding,” he said in the release.
Grobar joined the company as chief financial officer in 2009 and played an active role integrating new acquisitions and building PMC’s joint venture operations in India. Before then, he worked at The Walt Disney Company for 13 years, where he most recently served as senior vice president of Disney Mobile, and spent eight years working in manufacturing and product development at Unisys Corporation.