Nancy Dubuc stepping down as CEO of Vice Media
The executive has led Vice since 2018 when she succeeded Shane Smith.
It is confirmed that Nancy Dubuc, a seasoned media and TV executive, will leave her position as CEO of Vice Media.
Dubuc sent a memo to Vice staff on Friday morning announcing her choice. Dubuc has been in charge of Vice since 2018 when she took Shane Smith’s place as a co-founder in an effort to develop and professionalize the media company.
“I am proud to leave a Vice better than the one I joined,” Dubuc wrote to staff. “Together we racked up incredible wins while tackling unprecedented macroeconomic headwinds caused by the pandemic, the war in the Ukraine, and the economy all which forced us to pivot, refocus and pivot again.”
Naturally, since then (and as Dubuc noted in her memo), the entire digital media industry has come under intense pressure, with the business prospects of the digital darlings of the era declining. The news division of BuzzFeed, which is now publicly traded, has largely been dismantled, and Group Nine Media sold to Vox Media as part of a consolidation play. In response to internal pressure, Penske Media, owner of THR, invested in Vox earlier this month.
Vice was no exception, and it is currently exploring strategic options such as a sale (either in its entirety or in pieces) or additional investment.
Dubuc, a TV executive by trade, worked his way up at reality and unscripted powerhouse A+E Networks until he eventually became its CEO. He then moved on to Vice.
“Of course, there’s pressure,” she told THR a few months after joining Vice. “Like any good Hollywood story, people look for the Caped Crusader. The reality is never as simple.”
Read Dubuc’s memo below.
Dear Vice Media Group Team,
I am writing today with bittersweet news. It’s been an exhilarating five years since joining you at Vice, and I am incredibly proud of the important and long-lasting accomplishments we have made together. We have transformed this Company from a disparate brand to a fully formed, diversified media company complete with a thriving news organization hosting a collection of some of the most recognizable consumer brands. Your commitment to excellence, progress and ethics is unparalleled and the relationships we have built are everlasting. Which is why as the anniversary of my tenure approaches, it is so difficult to share that I have made the decision to move onto the next chapter.
I am proud to leave a Vice better than the one I joined. Together we racked up incredible wins while tackling unprecedented macroeconomic headwinds caused by the pandemic, the war in the Ukraine, and the economy all which forced us to pivot, refocus and pivot again. Despite all this the Vice, Vice Studios, Pulse, as well as Virtue, R29, i-D and Unbothered brands are strong. We reduced overhead by half and yet improved the quality of our revenues through both increased profitability and growth of returning revenues. As we face new headwinds in the marketplace Vice is now less ad dependent, and our gross margins have more than doubled.
Most important, while there’s still much work to be done, Vice is a more diverse and inclusive environment than ever.
Today Vice has an incredible opportunity in the hands of a new management team who are looking to harness the businesses we built and grew and to lay the groundwork for the future. I know you are among the most resilient, creative, and determined talent in the business and your futures are bright and hopeful.
Remember what I try to remind you, and that is to appreciate how far you’ve come. The accomplishments are far and wide— from new businesses, completely rebuilt operations and countless awards for brave work. But also remember to look ahead to the possibilities.
I’d also like to thank Shane and Suroosh for their trust and the many board members and investors along the way. I will cheer you from the side-lines.
Left foot, right foot.
Nancy