Vice has confirmed earlier reports that A+E Networks' Nancy Dubuc will be replacing him as CEO of Vice Media.
Shane Smith is officially out as CEO of Vice Media, as the company confirmed earlier reports that former A+E Networks CEO Nancy Dubuc would be replacing the media mogul as chief executive of the media company.
Smith, who cofounded the $5.7 billion media company in 1994, will move to the role of executive chairman to focus on stategic deals and content development, the company said.
“Why Nancy Dubuc? Simply put, because rarely in business do you get to work in a perfect partnership," Smith wrote in a press release announcing the change. "First off, she is better than me at everything. Second, it allows me to move to Executive Chairman, where I can concentrate on the only things that I am good at – content and deals."
"Thirdly, as we go forward VICE needs a best-in-class management team to harness all of this growth and control our own destiny, whether it be staying independent, strategically partnering with someone or going public. Lastly, I get to work with one of my best friends and media heroes. We are a modern day Bonnie and Clyde and we are going to take all your money,” Smith wrote.
Dubuc announced her departure from A+E on Monday, but didn't initially confirm her move to Vice.
"In her roughly 20 years at A+E Networks, Nancy played a major role in building the success of A&E, History and Lifetime, and we thank her for her leadership," wrote Disney/ABC Television Group chief Ben Sherwood and Hearst CEO Steven Swartz, who run A+E's parent companies, in a statement.
Dubuc's challenge: Fixing Vice's culture and financials
Dubuc joins Vice at a time of transition and turmoil as the hipster news outlet looks to address concerns of a sexist corporate culture while proving that it has the chops to meet financial targets.
Vice fired its chief digital officer Mike Germano in January over sexual harassment allegations, and its vice president Andrew Creighton is on leave and under investigation over similar allegations.
The company has also struggled financially since its $450 million fundraising round and a wopping $5.7 billion valuation in June 2017.
In 2017 Vice, which is private and does not share its financials publicly, missed its $805 million revenue goal by more than $100 million, according the Wall Street Journal.
That miss was largely due to difficulties at Vice's cable TV channel Viceland, according to the Journal.