Nancy Dubuc told Vice Media staff on Friday that she is stepping down as CEO after five years with the company. It is unclear who will replace him.
“Today Wakil has a tremendous opportunity in the hands of a new management team that wants to capitalize on the business we built and grow and lay the foundation for the future,” Dubuc said in a Friday email. “I know you are one of the most tenacious, creative and determined talents in the business and your future is bright and promising.”
Dubuc joined Wakil in 2018 after leaving his position as CEO of A+E Networks, where he had worked for 20 years. He replaces founding vice president Shane Smith, who remains the company’s executive chairman. A+E Networks and Vice come together in a joint venture to create the Viceland channel.
“Nancy joins VICE at an important time and creates an exceptional team that positions the company for long-term success,” Vice’s board of directors said in a statement Friday. “We thank Nancy for her many contributions and will announce new leadership to guide VICE forward into its next phase of growth and transformation.”
Dubuc’s departure comes as Vice — like its digital media peers — faces ongoing challenges with shrinking audience and advertising numbers. In addition to increasing competition for advertising dollars from technology giants like GoogleThe media industry as a whole has been grappling with a slowdown in the advertising market as macroeconomic conditions have caused uncertainty and a pullback in spending.
Representatives recently restarted the sale process, CNBC reported last month. The company, which was valued at $5.7 billion in 2017, will now be valued below $1 billion, after initially seeking a valuation between $1 billion and $1.5 billion, CNBC reported.
Vice hired advisers last year to facilitate the process of selling some or all of its businesses, and had been close to a deal with Greek broadcaster Antena Group until talks recently broke down. Now, Fortress Investment Group, one of Wakil’s lenders, is the driving force behind the sale.
Still, Vice ended 2022 with modest profits, even as the business slumped amid macroeconomic woes, CNBC previously reported. Some of these units were profitable last year, but most of the companies are not profitable for 2022.
Read the full memo from Dubuc:
Dear Vice Media Group Team,
I write today with bitter news. It’s been an exciting five years since I joined you at Vice, and I’m incredibly proud of the important and lasting accomplishments we’ve made together. We have transformed this Company from a diverse brand into a comprehensive and diversified media company complete with a thriving news organization and a collection of some of the most recognizable consumer brands. Your commitment to excellence, progress and ethics is unmatched and the relationships you have built will last forever. That’s why, as the anniversary of my tenure approaches, it is very difficult to show that I have decided to move on to the next chapter.
I am proud to leave Vice better than the one I joined. Together, we have achieved remarkable victories as we weather unprecedented macroeconomic headwinds caused by the pandemic, the war in Ukraine, and an economy that has all forced us to pivot, refocus and pivot. Despite all this, the brands Vice, Vice Studios, Pulse, as well as Virtue, R29, iD and Unbothered are strong. We cut our overheads in half and improved the quality of our profits through increased profits and profit growth. In the face of the new wind in the market, Vice is now less dependent on advertising, and the gross profit has doubled.
Most importantly, while there is still much to be done, Vice is a more diverse and inclusive environment than ever before.
Today, Vice has an incredible opportunity in the hands of a new management team that wants to capitalize on the business it built and grow and lay the foundation for the future. I know you are one of the most tenacious, creative and determined talents in business and your future is bright and promising.
Remember what I’m trying to remind you of, is to appreciate how far you’ve come. The achievements are far-reaching – from new businesses, rebuilt operations and countless awards for courageous work. But also remember to look ahead for possibilities.
I also want to thank Shane and Suroosh for their trust and the many board members and investors along the way. I’ll cheer you on from the sidelines.
Left foot, right foot.
Nancy