Craig Hitchcock departed the cash-hemorrhaging publication a week after its parent company, Prometheus, fired its CEO Richard Beckman
The Hollywood Reporter's associate publisher exited Tuesday amid continued executive shuffling at the publication and at its parent company, Prometheus.
After a year and seven months, the magazine announced Tuesday that Craig Hitchcock "will exit to pursue other opportunities" as it named two new vice presidents, promoted from lower ranks a week after TheWrap reported that THR is slated to lose $6 million this year and that Prometheus quietly ushered in new CEO Dottie Mattison.
Former CEO Richard Beckman was fired earlier this month after he was stripped of much of his power a year ago when ad sales in the upscale fashion and luxury category did not materialize for Prometheus' glossy new THR.
The publication did not immediately respond to calls requesting comment. Hitchcock also did not immediately respond to an email.
When Mattison took office, insiders at Prometheus, shaken by her management style, said they began scrambling to make an exit.
“Dottie is aloof. She is brutal in her communication style. The staff is panicked, they all have their resumes out on the street,” one executive who works with Prometheus, speaking on condition of anonymity, previously told TheWrap.
Now, THR is shifting toward endemic industry advertising. Victoria Gold, formerly the director of movies, will now serve as VP of entertainment and Beth Deutschman, who was the executive director of television, will become VP of television and media.
"With the promotion of Victoria and Beth into senior leadership roles, we will be putting even more emphasis on our core business — motion pictures and television — both of which have seen significant year-over-year increases in trade and consumer ad programs for both our print and digital platforms," publisher Lynne Segall said in a statement.
The magazine also hired Curtis Thompson, formerly at Condé Nast, as director of conferences and events as THR looks to host more industry conferences and events, for which ticket sales can serve to supplement revenue losses.
And, as TheWrap previously reported, with only 12,000 paying subscribers out of what they claim is a circulation of 70,000, they can use the added money-maker.
Facing thinning ad pages, changes to the sales staff kicked into high gear last year as THR hired a new directors for national consumer advertising, fashion and luxury and jewelry and watches.
Still, the trade said in a statement that it is seeing increased growth, "which is having year-over-year increases in ad revenue in excess of 30 percent."
Both Beckman and Hitchcock remain on the Reporter's masthead.