Conde Nast’s Fairchild Fashion Group is losing an institution as its longtime chairman Patrick McCarthy prepares to step down at year’s end.
The change comes as part of a restructuring that has Conde Nast returning the operations of luxury fashion title W to the company's consumer magazine stable.
It had moved into b-to-b unit Fairchild briefly during the leadership of Richard Beckman, who is now CEO of e5 Global Media, parent of AdweekMedia (which includes Adweek).
McCarthy (pictured above) joined Fairchild as a reporter in 1977 and has spent almost his entire career there, rising to chairman and editorial director in 1997. Over the years he was involved in the launches of W as well as Details and the erstwhile Jane.
Tom Wallace, Conde Nast’s editorial director, will name a new editor in chief of W. The remaining Fairchild properties, which include WWD and Footwear News, are being run by Fairchild’s newly named president and CEO Gina Sanders.
W has lagged its rivals this year with its ad pages down 22.7 percent to 251, vs. a 4.8 percent increase for the category overall, per the Mediaweek Monitor.