In a major break with tradition, Forbes Media named publishing vet Mike Perlis as its new president/CEO—marking the first time a non-Forbes family member is running the 93-year-old company.
Steve Forbes, the chairman and editor in chief of Forbes Media, will give up the CEO title. His brother, Tim Forbes, will relinquish the COO title while remaining chairman of Forbes Digital, a member of the Forbes Media Board and what Steve Forbes called “one of the company’s chief strategists.”
Perlis most recently was a general partner at SoftBank Capital, a venture cap firm focused on digital businesses after a traditional print media publishing career that included stints as president, CEO of Ziff-Davis Publishing and president of the Playboy Publishing Group. His appointment begins Dec. 1.
The brothers reportedly started looking for new leadership early this year.
“This is an unprecedented time in the media business that demands bold moves,” Steve Forbes said in an announcement.
It’s been a year of major changes for Forbes during turbulent times for its print business. Earlier this year, the company bought True/Slant and hired its founder Lewis D’Vorkin to overhaul the namesake magazine and Web site by giving advertisers and unpaid contributors a bigger voice.