CNBC is reshuffling the team responsible for business news, with Nik Deogun departing after eight years as senior VP and editor in chief of CNBC Business Day and Satpal Brainch rejoining the company as global president.
Brainch, who has held various global posts for CNBC and its parent, NBCUniversal, in recent years, will start his new post on November 1. According to CNBC Chairman Mark Hoffman, the new structure “is designed to centralize, streamline and integrate our current and future commercial pursuits across media and around the world.”
Deogun is leaving at the end of September to become CEO of the Americas for the Brunswick Group.
Here is Hoffman’s full memo to employees:
After eight impressive years as the Senior Vice President and Editor in Chief of CNBC Business Day, Nik Deogun has decided to move to a new career challenge. Nik has accepted the position of CEO of the Americas for the Brunswick Group and will be leaving at the end of the month. Until a permanent replacement is named, Nick Dunn, Lacy O’Toole, Craig Bengtson and Scott Matthews will lead our day-to-day TV operations, reporting to me.
This is a tremendous opportunity for Nik, a testament to his management and leadership skills and an acknowledgment of the extraordinary contributions he has made to help build the CNBC brand and business. Nik brought well-honed journalistic chops and integrity, commercial instincts and an exceptional work ethic to his time here.
During those years we’ve seen significant growth in the CNBC brand across media in the US and around the world. All of our expansion has been predicated on a rock-solid journalistic foundation. In addition to geometric growth in our viewer and user base, now over 300 million each month, new businesses have been formed, new value realized and new heights reached in financial performance.
Editorial excellence and commercial rigor have been critical for our growth. To ensure we continue to deliver at a high level, as our commercial efforts unlock more opportunity and take on more complexity, today I’m announcing a new organizational structure in business news.
I’m very pleased to announce that Satpal Brainch (Sat) will rejoin our team as President, CNBC Business News Worldwide, reporting to me. This newly created position is designed to centralize, streamline and integrate our current and future commercial pursuits across media and around the world. Sat is an exceptional executive and a super user and supporter of CNBC.
Sat knows the organization well. He joined CNBC in 2007 as our Global CFO before moving to Singapore in 2009 to become the President of CNBC Asia. In 2011 Sat’s portfolio expanded to include all of CNBC International, which he led until 2013. Most recently, Sat has been part of the NBCU International team as the Managing Director of Distribution and Networks, EMEA. In this role, he is responsible for the overall performance of the content distribution and pay TV networks’ businesses, with specific oversight of affiliate sales, ad sales, programming, marketing and strategic operations across the channels’ portfolio of NBCUniversal International.
The following teams will report to Sat in his new role: Conferences and Events (led by Jonathan Meyers, GM & SVP CNBC Events), Branded/Strategic Content (led by Steve Lewis, VP & Sr. Executive Producer, Strategic Content), Business Development (position currently open), and Technical Operations (led by Steve Fastook, SVP Technical Operations).
The editorial leader of Business Day (TV) and Jay Yarow, Executive Editor of CNBC Digital, will continue to report directly to me but will partner with and have a dotted line to Sat. KC Sullivan, President of CNBC International, will also continue to report directly to me. Sat will be in EC the week of September 24th and will start officially on November 1st.
This is an important transition, designed to focus our efforts editorially and commercially as we navigate the exciting challenges ahead.
Please join me in congratulating Nik and welcoming Sat back to CNBC.
We will find an appropriate time, place and style to celebrate Nik’s contributions.