Insider CEO Exits, Media Outlet Reverts to Business-y Name
Henry Blodget, who co-founded Insider in 2007, is stepping down as the digital media outlet’s chief executive, The Wall Street Journal reported on Tuesday. Besides Blodget stepping down from his role as CEO, the outlet is also changing its name back to its original, Business Insider, effective Tuesday. The change comes just two years after Insider’s rebranding as a general publication, and it appears to be an effort to refocus the site’s attention on business and technology news. Blodget said he’s been preparing to transition away from CEO for the past two years and will continue to serve as Insider’s board chair and advise site owner Axel Springer on continued development. Barbara Peng, the site’s president, will succeed Blodget as chief executive. Business Insider will also look to steer away from its recent strategy of generating traffic from social media, instead looking to pull in more paid subscribers. “Our way forward is really to make sure our audience is coming to us first,” Peng told the Journal. Like much of digital media, Insider has reacted to a dwindling advertising market by issuing steep cuts, laying off 10 percent of its staff earlier this year.
