Hozefa Lokhandwala is to step down as co-CEO of Vice Media Group.
Lokhandwala revealed his departure to staff last week in a memo, saying he plans to start a “new endeavor.”
Bruce Dixon formerly co-CEO alongside Lokhandwala, now becomes the sole CEO of Vice.
News of Lokhandwala’s departure comes just months after Vice Media Group completed its $350 million sale to a consortium of its former lenders, led by Fortress Investment Group LLC, Soros Fund Management and Monroe Capital.
Vice Media filed for bankruptcy protection in May after years of financial difficulties, top-executive departures and previous efforts to sell itself.
The digital media trailblazer, known for sites including Vice and Motherboard, was valued at $5.7 billion at its peak in 2017.
Lokhandwala was chief strategy officer at Vice from October 2018 until February this year when he and Dixon were jointly appointed CEO to replace former chief Nancy Dubuc.
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In his memo to Vice staff, Lokhandwala wrote: “I didn’t come to this decision easily. As many of you know I live and breathe the brand, love the content we make and feel incredibly close to all the teams that make all of this possible, but I decided that it’s time for me to start on my next chapter. We are at a moment in time where the company is in a place with strong leadership and a new board, that I felt I could take this opportunity to leave and spend some time with my family and friends, before starting a new endeavor.
In a follow up memo Dixon wrote to staff that: “This is a tough day for me and I’m sure for many of you. Hozefa has been an inspiring partner, colleague and friend to many of us. He has been a source of tremendous support and a powerful advocate for change as we have done the difficult work of reshaping VMG, transitioning to a new ownership structure and putting the company on a new path for success.
“Change, though challenging, provides an opportunity for growth and renewal. I’m confident that, as a united team, we will continue to deftly navigate these transitions.”