Mark Hoffman, the TV executive who has run the business news channel CNBC since 2005, will step down from the company in September, he told employees in a memo Tuesday morning.
KC Sullivan, who previously led CNBC’s international operations and most recently served as the company’s senior international sales executive, will succeed Hoffman as CNBC president. Sullivan will report to Cesar Conde, chairman of the NBCU News group.
Hoffman has been chairman of CNBC since 2015, after being named president in 2005.
“Over the past 17 years as president and then chairman, Mark has overseen the steady continued growth of CNBC as the world’s No. 1 brand in business and money news,” Conde wrote in his own memo to staff on Tuesday. “No business news organization comes close to the reach and influence of CNBC, a true testament to Mark’s leadership.”
The TV news business is volatile and undergoing significant changes as the larger entertainment business slowly shifts to streaming. That volatility extends to senior executives, with every major company experiencing leadership changes in recent years. Conde took over NBCUniversal’s news divisions in 2020 and enlisted Rashida Jones to lead MSNBC. Chris Licht took over CNN just a few months ago, while CBS News and ABC News have seen new leadership appointed over the past 2 years.
In that context, Hoffman’s 17-year tenure with CNBC is remarkable. When Hoffman leaves, U.S. TV’s longest-serving news chiefs will be NBC News president Noah Oppenheim, who has headed the division since 2017, and Fox News CEO Suzanne Scott, who has headed that company since 2018.
Read Hoffman’s full memo below.
After 28 years with NBC and leading CNBC since 2005, I am writing to let you know that I am stepping aside on September 12th.
At Jeff’s request, I’m staying with the company to help with the transition.
CNBC is today at its peak, the number one business news source in the world, connecting with more than half a billion people every month, in multiple languages, across all media, linear, digital and analog.
What started with a focus on investors is now a trusted source for all things money and more, built on an enviable and all-too-rare journalistic foundation to chase the facts, the truth and the news.
We are in business, so it’s important to note that we have never been more profitable and set record after record in financial performance year after year as we navigate economic cycles, exogenous events and the historic secular change. that accompanied the information maneuvered. age.
2005 was a generation ago and it feels like it’s over in a minute. Long ago, before smartphones and ubiquitous broadband, we struggled to find our way, but we were blessed with a spectacular group of dedicated colleagues and a bit of brand equity that lingered just below the surface.
We mapped out a strategy and together we took the risks and made the investments that enabled us to evolve, adapt and grow. Once defined as a dying domestic cable channel that many thought would never fully recover from the bursting of the dotcom bubble, today CNBC is a global multimedia powerhouse that stands way above its weight in the digital age. What a great can-do family we have become, with precision, vision and heart.
CNBC stands for something. It affects the business world, investors and individuals who struggle to understand their money. You made the difference.
How do you measure business success beyond financials and KPIs? I would start by assessing the quality of the team, the staying power of the brand and the prospects for growth. At CNBC we are three against three.
I am humbled and grateful to have had this time with all of you and so proud of what we have done together. Wherever life takes me, both professionally and personally, I’m rooting for CNBC!
My thanks to Comcast, GE and everyone at NBC, past and present. It’s been an exciting ride.
With love and admiration for all of you, for all that you do.
Read Conde’s letter below.
After an extraordinary run, Mark Hoffman will step down as chairman of CNBC. I am pleased to report that KC Sullivan will return to the network as of September 12 to run for president.
For the past 17 years as president and then chairman, Mark has overseen the steady continued growth of CNBC as the world’s No. 1 brand in business and money news. No corporate news organization comes close to CNBC’s reach and influence, a true testament to Mark’s leadership. Year after year, CNBC has consistently reached the most affluent and educated audience on television, and through its platforms in the United States and abroad, it is now viewed by more than 540 million consumers per month. Mark has also led CNBC into numerous new areas of profitability, including events, digital publishing and direct-to-consumer products.
Many of you already know KC, a 13-year veteran of NBCUniversal who spent the past two years as President and Managing Director of NBCU Global Advertising and Partnerships in London. In that role, he created the Global Partnerships team, which tripled revenue in two years while building a collaborative, inclusive culture. He forged a strong partnership with Sky Media in the UK, Italy and Germany and set up a new partnership with the RTL Ad Alliance.
Prior to that, KC spent more than a decade in leadership roles at CNBC and NBCU News Group, including as President and Managing Director of CNBC International, Chief Financial Officer of the News Group and CFO of CNBC. At CNBC International, he opened offices in Abu Dhabi, Dubai and China, launched partnerships in Indonesia and Thailand and created ‘East Tech West’, a multi-year leading tech event in the Guangdong region of China.
In his new role, KC will soon be moving back to the United States and reporting to me. Mark has agreed to stay on as a consultant to ensure a smooth leadership transition.
Join me in congratulating KC on his new role and raise a toast to Mark on his remarkable achievement during his 28 years with NBC.