Vice Media Group Co-CEO Hozefa Lokhandwala stepped down Thursday after just nine months on the job.
Bruce Dixon, who has served as co-CEO with Lokhandwala since February, is now the sole CEO. The pair took over when Nancy Dubuc stepped down from Vice after five years as the company struggled to survive.
“I didn’t come to this decision easily,” Lokhandwala said in a memo to staff obtained by The Hollywood Reporter. “I decided that it’s time for me to start on my next chapter.”
Lokhandwala joined the company in 2018 as chief strategy officer from JPMorgan’s media investment banking group. His memo noted that he was an adviser to Vice and helped start Vice Studios before he moved to the company.
“We are at a moment in time where the company is in a place with strong leadership and a new board,” his memo continued, “that I felt I could take this opportunity to leave and spend some time with my family and friends, before starting a new endeavor.” He did not provide any details on what the new project will be.
Vice Media was sold in July for $350 million to a group of its former investors, including Fortress Investment Group, Soros Fund Management and Monroe Capital, after filing for Chapter 11 bankruptcy protection in May.
Prior to the sale, the company canceled “Vice News Tonight” and announced widespread layoffs and a restructuring effort aimed a “streamlining” Vice’s news operations. The outlet’s financial struggles have continued, evidenced most recently by a new round of layoffs last month as the company continues to restructure.
Dixon also sent a memo to staff praising Lokhandwala as “an inspiring partner, colleague and friend, Deadline reported.
“We’ve seen a number of leadership changes this year as we continue with the hard but important work of building a strong and sustainable future for VMG,” Dixon wrote. “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.”
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