Axel Springer Unveils Its First U.S. Leadership Team

The German media company Axel Springer announced its first U.S. leadership team this morning, a 10-person cohort whose appointments signal the domestic ambitions of the global news behemoth. The team includes a mix of four longstanding executives, five new hires and one internal promotion, and it has been a year in the making, according to vice president and head of U.S. communications Nick Pacilio. “Axel Springer’s role in the U.S. is to strengthen, protect and accelerate our global brands, including Politico, Business Insider, Insider Intelligence and Morning Brew,” chief operating officer Gabriel Brotman said in a statement. “This is a fantastic team of leaders and entrepreneurs with the expertise to do just that, and I couldn’t be more excited to get started,” Brotman added. Why Publishers Are Cutting Their D.C. Bureaus in an Election Year The formation of a more structured Axel Springer in the U.S. suggests that the company will look to gain efficiencies by centralizing some of the functions that are currently distributed across its domestic properties, according to one media analyst. This could lead to improved margins both through expedited workflows, as well as the potential elimination of redundant roles. The U.S. investment comes during a period of extreme disruption in digital media, which has spurred layoffs and closures across the industry in recent months, including an 8% reduction in headcount at Axel Springer property Business Insider. However, the German media company—which inked a deal with OpenAI last December—has proven less vulnerable to the downturn in the U.S. market. It generated $4.2 billion in 2022 and $2 billion in revenue in the first half of 2023, and is profitable on an EBITDA (earnings before interest, taxes, debt and amortization) basis, according to public filings. Globally, Axel Springer employs 18,000 people, including 3,400 journalists. Details of the leadership team The leadership team consists of 10 total executives, whose responsibilities range from business development to human resources. The four longstanding executives are: Kelly Althoff, vp, portfolio management and investments Gabriel Brotman, COO, U.S. Jessica Dybfest, operations manager Marshall Monda, senior legal counsel, head of U.S. compliance and privacy The five new hires are: Amelia Wang Binder, vp, head of U.S. government affairs, who joined from the National Music Publishers’ Association last December Christian Baesler, senior advisor, strategy and investments, who joined from BuzzFeed in February Nick Pacilio, vp, head of U.S. communications, who joined from Haun Ventures in February Chelsea Pollack, vp, head of U.S. people and culture, who joined from Cheddar in February Eliot Stempf, vp, head of U.S. information security, who joined from BuzzFeed in February The internal promotion was Maggie Milnamow, senior vp, head of U.S. group sales. Milnamow, who has served as the chief revenue officer of Business Insider since 2021, will serve in both functions as a dual role. Poised for expansion and centralization The makeup of the Axel Springer leadership team signals several of its key priorities, according to interviews with industry executives. First, the media company believes there is untapped value to be found in the domestic news business—an industry in which only a handful of operators have been able to find commercial stability. Second, Axel Springer intends to grow its U.S. footprint, which currently consists of three distinct editorial operations and a data insights firm. Its appointment of Baesler to a senior advisory role and Althoff in an investment capacity both suggest future merger and acquisition activity. In recent months, Axel Springer has expressed interest in both The Telegraph and Forbes, according to reporting from Puck. TechCrunch Ends Its Subscription Product Amid Staff Layoffs Establishing a centralized arm for functions like human resources, communications and operations also indicates that the media company is looking to unlock commercial efficiencies, according to the media analyst. Rather than each shop performing these roles independently, a hub-and-spoke model could reduce costs in duplicate functions. This kind of overlap could also let the publishers more fluidly share readership and commercial data, said Ameet Shah, a partner and senior vp of publisher operations and strategy at Prohaska Consulting. Similarly, shifting Milnamow to a group sales role suggests that Axel Springer is establishing a portfolio-based approach to its advertising business. Finally, the appointment of key legal personnel to the leadership team suggests that the company intends to establish inroads with political channels to help shape its corporate narrative, according to a strategic communications professional. In the U.S. and U.K., tensions have flared in recent months over the prospect of foreign ownership of domestic media interests. To head off any such concerns and lay the groundwork for its future growth, the company has invested in establishing warm relations with the proper authorities. “In what’s clearly a tough moment for the industry,” the strategic communications professional said, “these kinds of executive hires are a signal from Axel Springer to the marketplace of their determination to scale their operation in the U.S.”

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Axel Springer, Poised for Growth, Unveils Its First US Leadership Team

The 10-person cohort includes five new hires and points toward centralization

Mark Stenberg

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Mark Stenberg