In the latest executive shuffle at Vice, chief creative officer Tom Punch has exited to take a similar position at Spring Studios, an ad agency and production company with offices in the U.S., UK and Europe.
Vice, the maverick, Montreal-born brand that was once the darling of the media business, has entered a more choppy period and is restructuring under new chief Nancy Dubuc. When Disney announced earnings last week, it divulged a writedown of $157 million on its investment in Vice. Word came last week of plans to reduce the workforce of 3,000 by up to 15%. Former president Andrew Creighton departed at the end of October.
Punch’s focus was on the branded content and advertising work that long kept Vice’s revenue steady as it took riskier swings in the more volatile TV and cable network space.
At Spring Studios, where Punch will be global president and chief creative officer, he will focus on ramping up Spring’s efforts in new sectors.
“Tom has a strong track record of driving enterprise value while transforming culture through innovative commercial partnerships,” said Spring Studios chairman Francesco Costa. “He has spent his career working across cultural industries in media, advertising, production, events and film. We are excited to have him.”
Punch will report to Spring Studios CEO Richard Yaffa, who said “Tom’s global experience and achievements will continue to expand Spring’s role as aspirational storytellers, carving out a strategic space where culture and commerce collide.”