SourceMedia Lays Off 14, Including Execs
Spanning editorial, sales, and events, the cuts come amid a series of high-profile departures at the b2b publisher.
At least 14 employees have been laid off at SourceMedia, the b2b publisher serving the financial, technology, and healthcare sectors, according to an internal memo obtained by Folio:.
The cuts—which appear to range from the senior level down to middle management—arrive about four months after Gemma Postlethwaite took over as the third CEO in the company’s 14-year history, succeeding Doug Manoni, who recently stepped down after eight years in the role. Departments impacted include editorial, sales, events, and facilities.
SourceMedia declined to comment.
The company held an all-hands meeting at its New York headquarters last week “to discuss the direction of the organization,” according to one source familiar with the situation.
Among those let go were senior VP Jim Callan, who had been with the company since its formation and most recently served as group publisher of Employee Benefit News, Employee Benefit Adviser, and Health Data Management. Going forward, his duties will be split by Kurt Kriebel and Rich West, who were each elevated to publisher.
Also affected by the cuts was VP Paul Vogel, another company veteran, who most recently headed up SourceMedia’s in-house content studio.
“I would like to thank all employees who are leaving for their years of service and wish them well in their future endeavors,” wrote Postlethwaite in the memo.
The layoffs, which some sources speculate arrive amid pressure from equity backer Observer Capital to trim costs, cap off a bumpy 12 months for SourceMedia. In addition to the CEO change, recent high-profile staffers to leave the company include VP of content sales Rocco Impreveduto late last summer; CFO Michael Caruso, in December; chief product and audience officer Minna Rhee, who departed the company in February; and finally chief revenue officer Marianne Collins, a month later.