Whispers of Condé Nast’s eventual restructuring have long lingered in the halls of One World Trade, as the company brought in Jim Norton, an AOL executive to reorganize its business side last fall.
Around the same time, in October, Condé said it would combine its creative, copy and research teams, but it had not yet installed the structure. On Thursday, the company confirmed that it let go of a “handful” of employees, as it clustered the creative teams under Raul Martinez.
Despite the fact that the rumor mill was churning on overdrive, the big cut has yet to take place. That cut is said to include a reduction of magazine publishers, as well as a steep slash in headcount in the marketing and corporate sales teams. Those teams had reported to Edward Menicheschi, the president of Condé Nast Media Group, until he exited the company when Norton was brought in as chief business officer and president of revenue. The publishers and the marketing and corporate sales teams now all report to Norton.
The larger and much more fundamental restructuring of Condé Nast is said to take place as soon as this week, and will be engineered by Norton.