The same day the company confirmed layoffs at its Billboard division, VNU Business Media announced an executive-level shuffle, with the promotion of current president and CEO Mike Marchesano to executive VP and “chief transformation officer.” The company also named Robert Krakoff [yes, that guy, left] as Marchesano’s CEO replacement.
Since 2005, Krakoff a former CEO of Advanstar and vice chairman of Reed Elsevier and his investment firm, Blantyre Partners, have been a strategic partner with the Blackstone Group, a member of the private-equity cortsortium that bought VNU in March.
As Folio: telestrated prior to the March sale:
“Out of all the potential owners [Krakoff] has more operating experience than anyone else in that consortium,” says one source. This could spell trouble for current VNU Business Media president and CEO Michael Marchesano. Says the source: “If Krakoff were to take responsibility, I would doubt there would be a future role for [Marchesano].”