comScore Forbes | Jim Spanfeller

Tough Time for Financial Mags – CEO Steps Down

081013-forbescoverIt’s been a tough few months for businesss journals. First Portfolio folded in April. Then this week it was reported that BusinessWeek was for sale – some even suggested that its price tag was $1 for anyone who wants to take on its annual losses.  Fortune just announced a re-design in light of a 39% decrease in ad pages. And now the CEO of has stepped down.

This morning an Steve Forbes released the following:

Jim Spanfeller, President and CEO of, has decided to step down from leading our website after nine years. In the entrepreneurial spirit that Forbes has always championed, Jim will be setting up his own media management company.

One can only wonder who can weather the ad recession climate? Combined with the costs associated with the bloated editorial and production staffs of old-model publishing concerns, we now have the perfect storm that is wreaking havoc in this space.

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