Nancy Dubuc, CEO of Vice Media, is retiring

On Friday, Nancy Dubuc informed the Vice Media staff of her decision to resign as CEO after five years with the business. Who would take her place took time to become apparent.

According to Dubuc’s email from Friday, “Today Vice has an incredible opportunity in the hands of a new management team. Who are seeking to harness the businesses we built also grew and to set the foundation for the future. I know you are some of the most tenacious, inventive, and driven professionals in the field, and I am confident in your prospects.

After 20 years as President of A+E Networks, Dubuc left her position and joined the Vice in 2018. Shane Smith, a co-founder of Vice who continued in his role as executive chairman, was replaced by her. Vice ALsoA+E Networks formed a joint partnership to launch the channel Viceland.

The board of directors of Vice said in a statement on Friday that Nancy “joined VICE at a pivotal moment. Also put in place an exceptional team that has positioned the business for long-term success. We appreciate Nancy’s numerous contributions and will soon reveal new leadership to lead VICE into its next phase of development and change.

Dubuc departs as Vice needs to work on declining advertising revenues and viewership sizes like its digital media competitors.

The media industry, like a whole, has been dealing with a slowdown in the advertising market. As macroeconomic conditions have led to uncertainty and a pullback in spending, in addition to increasing rivalry for ad dollars from tech giants like Google.

As CNBC revealed last month, Vice recently restarted its sale procedure. After originally seeking a valuation between $1 billion also $1.5 billion, the company. Which had been valuing at $5.7 billion in 2017, is now likely to fetch a price tag below $1 billion, according to the news.