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BREAKING NEWS & VIEWS
Steve Weitzner Is No Longer CEO of CMP Technology
“We have very strong people and high-capability people here,” says Levin. Levin added that he has confidence in the management structure that is currently in place. “The reason we’re able to do this is that the financial performance of the business has improved to such a point where we can look forward.” According to Levin, the earnings of the business have been up under both years of Weitzner’s tenure, and that revenues have gone from being three quarters print to one third. Responding to whether this is a promotion for Weitzner or whether he is being “kicked upstairs,” Levin commented that, “It’s a transition. It’s a different role. It’s certainly not anything other than a transition. People will gossip and speculate, and the reality will emerge—rather than pander to gossip and speculation, we’ll tell them what we’re doing, and they can judge by what they see. If they see a flurry of deals internationally, they’ll see what’s really happening. The fact that he’s attending the meeting [American Business Media’s Top Management Meeting] in Chicago next week and representing the company is a statement.” Weitzner, who has so far served the company for 23 years in many capacities, including as associate editor, group publisher, and CEO, wrote the following to his staff: “When I joined CMP 23 years ago it was still 10 years before the commercialization of the Internet. The only ‘events’ CMP organized were thank-you parties for our many loyal print advertisers. In the past two years we have diversified the product mix and made events our single largest line of business through acquisition and organic growth. We’ve also launched many new online communities and products while simultaneously making our online business profitable. Working together as a company we have turned the corner from a print-centric media business into an integrated media and marketing solutions company. And with all of this change we've also made the company more profitable. I'm very appreciative of my colleagues throughout CMP for their support and proud of their efforts in the ongoing transformation of the company. I know that whoever leads CMP next will find a strong and able executive team and tremendous resources. “I am going to turn my attention to a part of the CMP growth plan that has recently begun to heat up—our international expansion in India, China, Europe and elsewhere. Our portfolio has changed radically and that offers us many new opportunities to grow overseas. I look forward to watching CMP blossom on the growth platforms we have all worked so hard to establish.” The news will be announced to the London Stock Exchange at 7am GMT tomorrow morning. If you have breaking news to share please contact Steve Smith at ssmith@accessintel.com More Breaking News & Views
Breaking News & Views Archives COMMENTS
1.
I think Steve Weitzner did an amazing job while he was CEO, and that CMP was lucky to have him. They have just made a huge mistake. He made amazing acquisitions, making CMP what it is today! Without him, they would not be doing so well. He works hard and he knows what he is doing. He helped turn CMP into an online and overseas business, a huge task, but guess what- he did it! Overall, I think that without him, CMP is going to go downhill.
Posted by anonymous on Thursday, November 29, 2007 @ 06:49 PM
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