http://www.nytimes.com/2009/02/06/business/media/06mag.html?scp=3&sq=%22New%20Yorker%22&st=cseNew Publisher Named at the New Yorker
By RICHARD PÉREZ-PEÑA
Published: February 5, 2009
Condé Nast Publications named a new publisher for The New Yorker on Thursday and put the magazine’s previous publisher in charge of Internet ad sales for the entire company. The move is part of a continuing reorganization as the company grapples with the magazine industry’s plunging ad revenue.Drew Schutte, publisher of
The New Yorker for the last year, became senior vice president and chief revenue officer of
Condé Nast Digital, heading the recently consolidated ad sales force for all of the company’s magazines. That reorganization ended a fragmented approach and, executives said, reflected a recognition that the company had lagged the industry in building Internet revenue.
Lisa Hughes,
The New Yorker ’s new vice president and publisher, had been vice president and publisher of
Condé Nast Traveler since 1995, making that magazine a rare island of stability at a privately held company that has been known for frequent executive shake-ups.
She takes over a magazine clearly in need of help. The New Yorker ’s ad pages dropped 26.8 percent in 2008, far more than other Condé Nast titles, and more than double the industrywide decline of 11.7 percent. Financial services ads, a New Yorker mainstay, were among the hardest-hit categories last year.The New Yorker was operating in the black in early 2008, but not by the end of the year, according to company executives who were granted anonymity because they were not authorized to discuss finances.
One Condé Nast executive said Mr. Schutte’s stewardship of
The New Yorker was never intended as a long-term arrangement, and that the digital job is a better fit for him, with his extensive background in technology magazines and their Internet operations. Before going to
The New Yorker, he was vice president and publishing director of Condé Nast’s
Wired Media, which includes
Wired magazine.