Updated: Condé Nast Vet Carey Defects to Hearst

In another shocking big-name departure from Condé Nast, publishing exec David Carey has defected to archrival Hearst Magazines to become its new president. The exit of Carey, once considered a contender to succeed Chuck Townsend for the CEO job at Condé Nast, adds to the uncertainty about succession, given the recently announced (albeit long rumored) departure of another Condé publishing vet, Tom Florio. Insiders said that it had become clear Townsend wasn’t about to retire, giving Carey reasons to set his sights elsewhere. With Carey gone, they say signs are pointing more strongly to Bob Sauerberg, the group president of consumer marketing who has been heavily involved in Next Issue Media, the publishing industry’s e-reader consortium; and Glamour publisher Bill Wackermann, whose oversight has grown lately with the addition of Brides and Details to his stable. Carey’s position will not be filled, a Condé Nast spokeswoman said, and his direct reports—including Wired and Golf Digest—presumably will now report directly to Townsend. As such, his (and Florio’s) departure also marks the latest unraveling of the group publisher structure at Condé Nast as it shifts to a leaner organization. (Wackermann still has that title, but he also serves as Glamour’s publisher.)Townsend addressed Carey's departure, saying: "I believe the publishing executives at Condé Nast represent the top talent in the industry. Through the recession, our group presidents and publishing directors provided a level of oversight and support that was advantageous in optimizing our results. In this new business environment, it is becoming clear that this additional layer isn’t necessarily required for all our brands. I am confident we have the right team in place for continued success and innovation." The news was equally a shock for Hearst Magazines. Carey succeeds longtime president Cathie Black, who becomes chairman, suggesting a path for Carey to ultimately follow her into that role. His hire throws into question the future of evps Michael Clinton (who was until now seen as the most likely internal successor to Black) and John Loughlin.During his two decades at Condé Nast, Carey served in a number of high-profile roles, including a stint as publisher of The New Yorker in the early 2000s, during which the literary staple reached rare profitability status. His move to Hearst is somewhat of a homecoming; earlier in his career, he was the first publisher of SmartMoney, when Hearst co-published it with Dow Jones & Co. More recently, Carey was one of the top executives behind, and staunchest supporters of, Condé Nast Portfolio, the glossy business magazine that became one of the most hyped and most notable failures of the past few tumultuous years in the magazine business. However, Carey can be credited with helping steward Wired to recent success; the tech geek title was one of the few magazines to enjoy double-digit ad growth in the first quarter of the year. He also has led the charge, along with Sauerberg, to push for new business development to offset print revenue declines. At Hearst, Carey will be tasked with a magazine group that has been weathering the ad recession with mixed success. The company’s ad pages dipped 4 percent overall during the first quarter of 2010 compared to 2009. But the company has benefited from the well-received launch of Food Network Magazine. Titles such as Marie Claire and Popular Mechanics have exhibited renewed strength, while shelter brands Veranda, Country Living and House Beautiful endured heavy ad declines last year. While well regarded and a youthful addition to Hearst's leadership, Carey, 49, has for the most part operated quietly and behind the scenes at Condé Nast, and will step into an as-yet unproven role as the public face of Hearst Magazines. In one sense, though, Carey, given his habit of flying JetBlue and riding the subway, will actually fit right in at Hearst, better known for its frugal ways than Condé. —with Mike Shields

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Updated: Condé Nast Vet Carey Defects to Hearst

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