Speculation began earlier tonight that Jim Spanfeller would be stepping down from his position as president and CEO of Forbes.com.
Then Steve Forbes sent an internal memo to all staffers announcing the decision.
“In the entrepreneurial spirit that Forbes has always championed, Jim will be setting up his own media management company,” Forbes said of Spanfeller’s future plans.
Spanfeller himself had a quote in the memo: “The world of media has changed rapidly in the past 10 years and the velocity of the change promises only to increase going forward. I’ve had a great run at Forbes and have been deeply involved in the breakthroughs and transformations between traditional and digital media. Now I see a huge opportunity to have my own media management business that will help other traditional media companies make the most of their enormous prospects in digital venues, taking all I have learned here in the past decade and applying on a wider horizon. Forbes.com has truly been a truly wonderful ride and I am deeply in debt to the Forbes family for letting me be a part of it.”
Spanfeller will stay on through the transition period of a new CEO, probably through Labor Day, the memo added. Forbes has been battered by the recession, and its gone through layoffs and imposed furloughs this year to compensate. Who can come on as CEO to save this (most likely) sinking ship?