Anastasia Nyrkovskaya, the CEO of Fortune magazine, sent out the following on Monday:Today we made some hard organizational changes to prepare Fortune to endure and thrive in the years ahead.
The business landscape is changing rapidly, between the onset of AI, the resulting decline of website traffic trend, and the rise of audio and video as popular formats. Sustainable media business models need to change along with it.
As a 95-year-old organization that has always prioritized high-quality, trusted business journalism and convening top executives, we are well suited to meet this moment. But it also requires we act quickly and decisively in redirecting our organization to be more efficient, exiting some processes and businesses so that we are prepared to build new ones.
We need to build a more efficient organization, streamlining collaboration across our business units, sales, and editorial teams. It also requires tough decisions on the size of our organization, and the result is a reduction in our total global workforce of approximately 10 percent.
Moving forward, our strategy is to cultivate our premium franchise communities and deliver premium editorial content to them. We will be leaning into premium coverage of key Fortune 500 industries and into events that serve business leaders, such as our Most Powerful Women franchise, which we established 28 years ago. Our mission remains to be an indispensable resource for Fortune 500 companies and their executives.
With these moves, we will be on strong financial footing to weather what’s ahead. We have incredible assets at our disposal: 71 years of ranking the Fortune 500, a significant number of loyal print, digital and newsletter subscribers, our best-in-class executive membership communities, and incredible talent in each of you.
None of that makes today any less difficult. We are saying goodbye to not just colleagues but friends, and we are grateful for all the work they did to make Fortune’s business better.
We will talk more about these changes tomorrow during the Townhall which we will host at 10am EST on Tuesday.
In the meantime, please lean on me and the management team as needed. Thank you for all you do for Fortune.
Anastasia
