Incumbent CNBC President Mark Hoffman has told employees he will bow out from the company in a memo circulated on Tuesday morning. After 17 years as President- including serving as Chairman of the business news network since 2015- his September exit marks a growing trend of executive-level changes at TV news companies. As the industry transforms due to the rise of streaming, senior positions at companies across the United States have seen a significant reshuffle. At NBCUniversal- since Cesar Conde became chairman of the news division- much has changed management-wise. Rashida Jones took over at MSNBC, and Chris Licht became CEO of CNN after Jeff Zucker’s resignation in February 2022, while both CBS and ABC News had new leadership.

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KC Sullivan will take over from Hoffman. Previously CNBC’s Chief Financial Officer, he has opened bureaus in Abu Dhabi, Dubai, and China. The 65-year-old’s departure marks an epoch in American news television. His 17-year stint as President was the longest among incumbents, with NBC’s Noah Oppenheim a distant second at five years. Fox News CEO Suzanne Scott follows at four years.

In the long-winding memo, Hoffman reminisced on his long association, going back to the early days of his Presidency in 2005:

“2005 was a generation ago that feels like it passed in a minute. Way back then, before smartphones and ubiquitous broadband, we struggled to find our footing but were blessed with a spectacular group of dedicated colleagues and a bit of brand equity that lingered just beneath the surface. We strategized and, working together, took the risks, and made the investments that allowed us to evolve, adapt and grow. Once defined as a moribund domestic cable channel that many thought would never fully recover from the dotcom bubble bursting, CNBC is today a global multimedia powerhouse, punching far above its weight, in the digital age. What a marvelous can-do family we’ve become, executing with precision, vision, and heart. CNBC stands for something. It impacts the business world, investors, and individuals struggling to make sense of their money. You’ve made a difference,” quotes The Hollywood Reporter.

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NBCU News Group chairman Conde also sent out a letter to staff, thanking Hoffman for his services:

“Over the last 17 years as President and then Chairman, Mark has overseen the steady continued growth of CNBC as the world’s #1 business and money news brand. No business news organization comes close to the reach and influence of CNBC, a true testament to Mark’s leadership. Year after year, CNBC has consistently reached the most affluent and educated audience in television, and through its platforms in the United States and abroad, is now seen by more than 540 million consumers each month. Mark has also led CNBC into numerous new areas of profitability, including events, digital publications, and direct-to-consumer products.”