Fortune editor in chief Alyson Shontell sent out the following to the staff on Wednesday:
Good morning team,
As you have just heard in the town hall, Alan will be transitioning out of the CEO role by the end of April. The move, while bittersweet for him because he loves Fortune, was mutually agreed upon with our board.
I can honestly say that the point of our owner’s visit was not for this outcome. It was to spend time with a company he says he is deeply committed to, and for us to give him an update on our (strong) business performance over the last five years. But when you have face to face time with your boss, sometimes tougher conversations transpire.
There is a real possibility that Alan will remain involved with Fortune in another capacity after April, which is the hope of our board and it is actively being explored.
I think we can all agree that Alan is a wonderful person and a great journalist, who has been an inspirational and transformational CEO. I will personally miss his daily presence come April a lot. He has been the perfect leader to successfully spin Fortune out of Meredith as a stand-alone company for the first time. He has built a company that is equal parts smart, creative, hard working, effective and kind.
While our next CEO is yet to be determined given this decision was just made, it will be an opportunity for us to find someone who both supports our important journalistic mission and has a strong growth mindset to build upon Alan’s work. The opportunities for Fortune as a business are vast and incredibly exciting. And it all stems from continuing to invest in our unmatched, award-winning newsroom. This will be top of mind as Anastasia and I plan our 2024 newsroom budget later this month.
It is important to note that even as Alan transitions out of the CEO role, our dedication to creating the highest quality business journalism will not change. I have spent enough time with our owner and board over the last two years to know that they are sincere in both their long term commitment to own and nurture Fortune, and their support of journalism.
Let’s all meet at 11am today eastern on zoom where I’m happy to answer any questions you may have.
I feel very positive about this next chapter for Fortune and look forward to speaking more with you about it soon.
