Mark Hoffman, President of CNBC
Mark Hoffman, chairman of CNBC since 2005 and chairman since 2015, announced Tuesday that he will step down on September 12.
Hoffman leaves his own will. NBCUniversal hired Cesar Conde to oversee NBC News, MSNBC and CNBC in May 2020 to bring more centralized leadership to the group.
KC Sullivan will return to CNBC to replace Hoffman as the new president of CNBC. Sullivan has spent the past two years as president and general manager of advertising and global partnerships for NBCUniversal, based in London. Prior to that, he was President and CEO of CNBC International and Chief Financial Officer of CNBC.
Sullivan will return to the United States for his new role. Hoffman will remain as a consultant during the transition, Conde wrote in a memo to NBCUniversal employees.
“Mark has overseen the consistent and continued growth of CNBC as the No. 1 business and money news brand in the world,” Conde said. “No other business news organization comes close to the reach and influence of CNBC, a true testament to Mark’s leadership.”
CNBC is one of NBCUniversal’s most profitable assets, even as millions of Americans ditch their linear cable television subscriptions each year. Hoffman, 65, has increased profitability at CNBC in 16 of his 17 years leading the company. CNBC will increase its profitability again in 2022, according to a person familiar with the matter.
“We’re in the business of business, so it’s important to note that we’ve never been more profitable, setting record after record for financial performance, year after year, as we maneuver economic cycles, exogenous events and the historic secular change that accompanied the it was about information,” Hoffman said in a memo to CNBC employees.
Hoffman’s tenure at CNBC
Hoffman first joined CNBC in 1997 before leaving in 2001 to hold a series of leadership positions at local television stations. He returned to CNBC in 2005 and immediately pushed for a 50% stake in CNBC Europe and CNBC Asia from Dow Jones, as well as a 25% stake in CNBC World.
With financial control of its international properties, Hoffman expanded CNBC’s television reach and focused his attention on growing CNBC’s digital business. CNBC.com has grown 6-fold in the past six years, with unique monthly readers growing from about 30 million to nearly 200 million.
It has focused on the consistency of the cable network, which still accounts for the majority of CNBC’s revenue. Hoffman has renewed the contracts of notable TV personalities such as Jim Cramer, Becky Quick, David Faber and Andrew Ross Sorkin to maintain CNBC’s leadership as a trusted news source, especially for wealthier Americans.
“Once defined as a moribund home cable channel that many thought would never fully recover from the bursting of the dotcom bubble, CNBC is today a global media powerhouse punching above its weight in the it was digital,” Hoffman said.
Although CNBC is no longer rated by Nielsen, CNBC TV has ranked first among all business news platforms for 29 consecutive years in reaching Americans making more than $125,000 a year, according to Ipsos surveys .
Disclosure: Comcast’s NBCUniversal is the parent company of CNBC.