Major Executive Shake-up at Condé Nast

Bob Sauerberg to expand role; Tom Wallace and John Bellando to exit

Condé Nast is in the midst of a major shake-up in its executive ranks that has president Bob Sauerberg greatly expanding his role and two major figures—COO and CFO John Bellando and editorial director Tom Wallace—departing the company. In a companywide memo this morning, CEO Chuck Townsend detailed a string of high-level shuffling that, he said, comes as part of a succession plan begun earlier this year.

Sauerberg “will assume a leading role in all revenue generation activities,” wrote Townsend, which includes oversight of the entire Condé Nast Media Group. Media group president and CRO Lou Cona will now report directly to Sauerberg.

Exiting the company are Bellando, a 15-year veteran of Condé Nast, and Wallace, the former editor in chief of Condé Nast Traveler.

Per Townsend, Bellando will continue to work with Condé "in an advisory capacity" through the end of the year. Replacing Bellando as CFO is David Geithner, a former Time Inc. evp and president of its entertainment group (and, incidentally, brother of former Treasury secretary Tim Geithner), who was let go from Time Inc. earlier this year in a round of cutbacks.

Townsend did not name a direct replacement for Wallace, who has held the position of editorial director since 2005, but said that Condé Nast artistic director and Vogue editor Anna Wintour "will ensure that our content and culture remain at the forefront of our industry," adding, "Bob and I will rely on her for her insights and guidance as we build the team that will lead us into the future."