Forbes
magazine CEO Steve Forbes and his brother, COO Tim Forbes, who have run the magazine for 19 years, are working with a headhunter to find a new COO,
Fortune
reported.
“Tim is staying with the company, he’s just going to go to a higher level, says Forbes spokesperson Monie Begley. “The new person coming in will report to Steve and Tim.”
The company, which recently hired a consultant to address its web strategy, may be seeking someone who can help revamp its digital presence,
Fortune
reported.
It’s notable that the company is looking for new blood of the non-Forbes variety. That’s a tremendous change for Forbes, which has had little genetic variation in its management since B.C. Forbes founded the magazine in 1917. In 1954, B.C.’s son Malcolm took over. When he died, Steve gained control and had been the face of the company until now.
Tim Forbes, who unlike his brother has avoided the spotlight, has “been actively running the magazine and website,” the
Fortune
article said.
Tim might move up to become CEO of the company. If that happens, Steve would relinquish that role but remain as chairman, and the new person would enter as COO. In that case Tim would takeover as the face of Forbes, and the new hire would take over Tim’s role in the company’s day to day operation. A source speculated to
Fortune
that new leadership is needed to help make the company profitable again.
(Source:
Fortune,
April 28, 2010.)
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