CNBC Chairman Mark Hoffman is stepping down after 17 years at the business news channel. His last day will be Sept. 12.
“CNBC stands for something. It impacts the business world, investors, and individuals struggling to make sense of their money. You’ve made a difference,” he wrote in a memo to staff on Tuesday, which was obtained by TheWrap. “How do you measure a business success beyond the financials and KPIs? I’d start by assessing the quality of the team, the enduring strength of the brand, and the prospects for growth. At CNBC, we’re three-for-three.”
He continued, “I’m humbled and grateful to have had this time with all of you and so proud of what we have done together. No matter where life takes me, professionally and personally, I’ll be rooting for CNBC!”
KC Sullivan is returning to the network to replace Hoffman. He most recently served as president and managing director of NBCU Global Advertising and Partnerships based in London. Cesar Conde, chairman of the NBCUniversal News Group, announced the news in his own memo to staff on Tuesday.
“In his new role, KC will be moving back to the United States shortly and will be reporting to me. Mark has agreed to stay on as a consultant to ensure a smooth leadership transition,” Conde wrote. “Please join me in congratulating KC on his new role and raising a toast to Mark on his remarkable record of achievement during his 28 years at NBC.”
Hoffman has worked in broadcast for more than 30 years and has been with NBCUniversal for 28 of them.
Hoffman first joined CNBC as Vice President and Managing Editor, Business News, in 1997, after years working at local news stations including KDNL in St. Louis, KNBC in Los Angeles, WBBM in Chicago and WAGA in Atlanta. At that time, he also served as acting President and Managing Director for CNBC Europe.
In 2001, he started a new position as President and General Manager of WVIT, NBC’s owned-and-operated station in Hartford.
Hoffman rejoined CNBC as President in 2005, spearheading the network’s digital strategy. He led CNBC to record financial performance 16 out of his 17 years at the helm, including the last two years. He was named Chairman of CNBC in April 2015.