NBCUniversal said Tuesday that the company’s senior advertising executive, who served as CNBC’s chairman for many years, will be replaced as the head of NBCUniversal’s newsgroups continues to have a footprint in the division.
KC Sullivan, President and Managing Director of NBCUniversal’s Global Advertising and Partnerships Business, will succeed Mark Hoffman, who has served as Chief Executive Officer of CNBC for 17 years. CNBC chairman Hoffman will serve until his September 12th, after which he will become a consultant to help manage the transition.
Hoffman’s resignation marks a change in security for CNBC, the financial news network founded in 1989 by former NBC president Bob Wright and longtime television executive Tom Rogers.
Hoffman, who was named president of CNBC in 2005, has long reported to NBCUniversal CEO Steve Burke. That has changed in recent years. After Cesar Conde was named chairman of NBCUniversal’s newsgroups in May 2020, Mr. Hoffman began reporting to him.
In a statement, Conde praised Hoffman for nearly 30 years of developing CNBC’s business and growing the network’s business in the United States and abroad. Citing his experience building media partnerships with Sky in the UK, Italy and Germany, Conde said Sullivan was “the right person at the right time” to lead his CNBC.
Mr. Sullivan has been with the company for more than 10 years, previously serving as President and Managing Director of CNBC International and Chief Financial Officer of NBC’s Newsgroups.
Since taking office in 2020, Conde has announced a flurry of appointments across the company’s news properties, including MSNBC, NBC News and CNBC. Ms. Conde has replaced Phil Griffin as her MSNBC president with Rashida Jones. She hired former Booz Allen Hamilton executive Stephen Laverton as executive vice president of communications. and appointed Chris Berend as her executive vice her president and head of digital.