Bob Sauerberg
Bob Sauerberg

Conde Nast, which is hemorrhaging red ink, is parting ways with CEO Bob Sauerberg as part of a corporate overhaul.

Before becoming president in 2010, Sauerberg was group VP/executive VP in the consumer marketing group and COO/CFO at Fairchild Publications.

Earlier, he did a 18-year stint in finance/administrative posts at the New York Times Co.

Conde Nast, which publishes Vanity Fair, The New Yorker, Vogue, Bon Appetit, Wired and GQ, is expected to lose more than $120M in the US this year, according to the Financial Times. It is selling Brides, W and Golf Digest.

Sauerberg unveiled a turnaround plan in August that is geared to reducing Conde Nast's reliance on advertising and stepping up revenues from video and consulting. It is designed to return the publisher to the black ink column by 2020.

As part of the reorg, Conde Nast will combine the US and international business units under a single CEO.

Jonathan Newhouse, who was chief of the international business, will step up to the corporate chairman slot.

The company has launched a search for a new leader with global experience.