11:14 am Sep. 19, 2012
News broke in Ad Age this morning that Stephen Colvin has left his post as C.E.O. of the Newsweek Daily Beast Company and been replaced by advertising executive Baba Shetty.
And now we know where Colvin is going, too: He's been named "executive-in-residence" at Lerer Ventures, the venture capital firm led by Ken Lerer and Eric Hippeau, who said in a statement:
"Stephen is a seasoned executive with a proven track record of growing and operating media brands. As executive-in-residence, Stephen will be working directly with some of our portfolio companies, from organizational structure and positioning to sales and revenue strategies, as well as helping us evaluate new investment opportunities."
Lerer Ventures is behind the forthcoming digital video-news startup helmed by Eason Jordan and Ed O'Keefe, formerly of CNN and ABC News, respectively. In the past, the firm's partners have sunk money into digital news titles incuding The Huffington Post, Business Insider and BuzzFeed.
The full press release is below:
Lerer Ventures, a NY-based early-stage venture capital firm, today announced that Stephen Colvin has joined the firm as an executive-in-residence. Colvin, who is leaving as CEO of The Newsweek Daily Beast Company, comes to Lerer Ventures with strong experience in digital and brand strategy. As an executive-in-residence, Colvin will provide strategic input on Lerer Ventures’ existing and expanding portfolio of technology companies.
“We're pleased to announce that Stephen Colvin will be joining Lerer Ventures as executive-in-residence,” said Eric Hippeau, Lerer Ventures partner. “Stephen is a seasoned executive with a proven track record of growing and operating media brands. As executive-in-residence, Stephen will be working directly with some of our portfolio companies, from organizational structure and positioning to sales and revenue strategies, as well as helping us evaluate new investment opportunities. As we strengthen our infrastructure to support our entrepreneurs and portfolio companies, Stephen will add unique capabilities to the LV team.”
Said Colvin: “I am delighted to be joining Lerer Ventures, which has a tremendous portfolio of companies and is led by team renowned for its vision, execution and innovation. I look forward to rolling up my sleeves and working with them on their many exciting initiatives.”
As CEO of The Newsweek Daily Beast Company, Colvin oversaw all business aspects of the company, from sales and circulation to digital strategies and brand development. Colvin was previously Executive Vice President at CNET Networks/CBS interactive and was President and CEO of Dennis Publishing.
More by this author:
- 'Village Voice' fires Michael Musto in yet another round of cuts
- 'New York Post' buyouts focus on 'loyal soldiers ... highest paid'