KC Sullivan will replace Hoffman as CNBC’s president.
Mark Hoffman has been president for CNBC since 2005 and chairman since 2015, On Tuesday the announcement came that he will step down on Sept.12.
Hoffman is leaving of his own accord. NBCUniversal hired Cesar Conde to oversee NBC News, MSNBC and CNBC in May 2020 to bring more centralized leadership to the group.
KC Sullivan will replace Hoffman as CNBC’s new president. Sullivan has spent the last two years as president and managing director of NBCUniversal. Sullivan will return to the U.S. for his new role.
“Mark has overseen the steady continued growth of CNBC as the world’s #1 business and money news brand,” Conde said. “No business news organization comes close to the reach and influence of CNBC, a true testament to Mark’s leadership.”
CNBC is one of NBCUniversal’s most consistently profitable assets, even as millions of Americans drop linear cable TV subscriptions each year.
“We are in the business of business so it’s important to note we’ve never been more profitable, setting record after record in financial performance, year after year, as we maneuvered through economic cycles, exogenous events and the historic secular change that accompanied the information age,” Hoffman said in a note to CNBC employees.
Hoffman first joined CNBC in 1997 before leaving in 2001 for a series of leadership positions at local TV stations. He returned to CNBC in 2005 and immediately pushed to acquire 50% equity interests in CNBC Europe and CNBC Asia from Dow Jones, as well as a 25% stake in CNBC World.
CNBC is no longer rated by Nielsen, CNBC TV has ranked No. 1 among all business news platforms for 29 consecutive years.
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