SEE RELATED: French’s memoIt’s been a few hours since John French announced to staffers through an internal memo that he was stepping down as CEO of Penton Media, yet industry observers have already begun speculating about who will succeed him at the helm of one of the biggest b-to-b publishers in the country.In the memo, French indicated that he will stay on as a member of Penton’s board of directors and will remain CEO until a replacement is made. A Penton spokesperson told FOLIO: that the search is set to begin, and that while the company “will explore all of its options,” the focus will be on external candidates.“I think they’ll look at combination of people with business media and information experience and also people who have deep experience in nontraditional b-to-b media, including e-media,” says Oakstreet Media CEO, and former Penton CEO, Tom Kemp. “Are they going to look at someone like [Jordan, Edmiston Group managing director] Michael Marchesano? Who knows? Whoever the replacement is will be a surprise, I think.” “Looking around, there doesn’t seem to be too many options,” says another industry source who wished to remain anonymous. “Who’s out there now, and available, who would be interested in running a large multi-vertical, print centric publishing company like Penton? It’s not clear.”Another source said it’s possible—perhaps likely—that Penton will reachoutside the ranks of print-centric b-to-b media and seek an executivewith an interactive media experience. If so, Penton would be attemptinga move that has almost always failed in the past. In the late-1990s, ahandful of b-to-b media companies brought in e-centric executives, mostnotably Cahners Publishing, which hired Marc Teren. Teren left after abrief and apparently stormy tenure.Tough Job, Tough Year Whoever gets the job will be inheriting a company that has gone through a number of dramatic changes this year. Early last month, Penton laid off 42 staffers in an effort to reduce costs. In April, French called for salary and hiring freezes, and has launched a company-wide revenue reforecast for the remainder of 2008.The company-wide reforecasting is ongoing, according to the Penton spokesperson.“Media in general right now is going through huge secular changes as it transitions from traditional properties to digital, which is complicated by tough economic times,” Kemp says. “From Penton to Ziff Davis Media to Hachette, you name it—being a CEO of any traditional media company these days is a tough job.”Where Did It Go Wrong? Meanwhile, there is speculation about precisely why Wasserstein and French decided to part ways. The company’s revenue shortfalls are well-known, thanks to French’s memos to employees. What is less well known, one source said, is the trouble the company is having in the back-office services area. When Penton merged with Prism Business Media, the internal goal was to save approximately $10 million in support services such as accounting and circulation. “They’ve had problems integrating the business,” the source said. “They shut down accounting in Overland Park, Kansas, and fired all the people there. They tried to do a huge merger too quickly just to get the cost savings. And it’s been a mess. That’s what you don’t hear. Internal management can’t get the information they need to run the business.”
See Also: At the Intersection of Hyper-Local Digital and Regional Magazine PublishersWhile Yahoo! Small Business has been around for more than a decade, the division has expanded its services in the last year with the introduction of marketing and media advisory solutions. Byun says more advertising tools will be released later this year.Yahoo’s move comes as small businesses are spending more of their limited media dollars on digital. Overall budgets have remained flat, but digital now accounts for more than 40 percent of small business ad buys, up from about a quarter of the total spend in 2011, according to a report from media consultancy BIA/Kelsey.To stay updated on the latest FOLIO: news, become a Facebook fan and follow us on Twitter! As city, regional and specialty titles continue to fight for local business listings and ad dollars, massive web corporations are scaling their ground-level efforts and getting into the mix.Yahoo is the latest to up its small business services, launching Yahoo! Localworks, a tool for improving online company profiles. The platform allows small businesses to fix incorrect or incomplete listings around the web and create new ones where none exist. Localworks reaches more than 150 million searchers per month across more than 40 sites in its network, including Yahoo! Local, Bing Local and Yelp.”Online directory listings are one of the key ways that consumers find local products and services they need, but it’s a fragmented medium,” says Tom Byun, vice president of Yahoo! Small Business, in a statement. “It requires businesses to create and maintain listings with multiple companies to ensure they are listed everywhere.”
Share this:TwitterFacebookLike this:Like Loading… RelatedWilmington-Tewksbury Chamber Of Commerce To Hold Music Bingo Bash On March 8In “Business”Wilmington-Tewksbury Chamber of Commerce Announces 11th Annual Comedy NightIn “Business”COMING TO THE SHRINERS: Women’s Roller Derby On August 3In “Sports” WILMINGTON, MA — The Shriners are holding a St. Patrick’s Day Dinner Dance on Tuesday, March 12, 2019 at the Shriners Auditorium (99 Fordham Road). A social hour begins at 6pm. Dinner starts at 7pm.The evening features an Irish dinner; music; and prizes. Tickets cost $25. For more information and to purchase tickets, contact 978-657-4202 x 216.Like Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip? Email email@example.com.
Dear Editor,I write to support the re-election of Kevin Caira and Greg Bendel.Both have maintained the values of the Wilmington voter: integrity, professionalism, and accountability. I have lived in Wilmington since 1969 and have always been proud of its leadership.And I remember living on an unaccepted street and the difficulties that come with that. If there is a fix for that, I would like to hear what the fix is and what is the cost and who is responsible for that cost.There was a difficult time 15 or 20 years or so. It seemed at the time that being “pugnatious” and cute about a serious issue was a winner. The best insult you can fly publicly, name calling, was thought to be a winning strategy. I am grateful for the peace that has come to Wilmington after that time.Best wishes to Mr. Caira and Mr. Bendel.Sincerely,Ann L. YurekLike Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip? Email firstname.lastname@example.org.Share this:TwitterFacebookLike this:Like Loading… RelatedA VOTER’S GUIDE To Selectman Candidate Greg BendelIn “Government”LETTER TO THE EDITOR: Selectman Kevin Caira Thanks The VotersIn “Letter To The Editor”A VOTER’S GUIDE To Selectman Candidate Kevin CairaIn “Government”
Prothom Alo illustrationBangladesh ranks third among the world’s top countries with the fastest millionaire population growth, shows a report published by a US based research organisation, Wealth X.The country’s High Net Worth (HNW) population is set to grow by 11.04 per cent each year in the next five years according to the findings of the research firm.The report defines the HNW population as those with a net worth between $1 million and $30 million. The research firm on Wednesday published the report titled “Global HNW analysis: The high net worth handbook” of top 10 countries that are eyeing growth from 2018 to 2023.Nigeria tops the list with millionaire population growth of 12 per cent while Egypt is in the second position. Bangladesh is followed by Vietnam, Poland, China, Kenya, India, Philippines and Ukraine respectively in the list.Although rich with oil reserves, Nigeria is much talked for its corruption.Earlier, Bangladesh surpassed all the countries with fastest growing class of rich people, according to the World Ultra Wealth Report in September, 2018 by Wealth X.The report, then showed ultra rich with a net worth of US $30 million or more , were growing faster in Bangladesh.According to its estimate, the ultra-rich increased by 17 per cent in five years till 2017 in the country.On the other hand, Bangladesh Bureau of Statistics’ report shows a widening inequality between the income of the poor and the rich.Experts, however, believe this sudden increase of rich population in the country occurred as result of crony capitalism, as well as bribery and corruption in the banking and financial sectors, contracts and other sectors.According to the BBS household survey of income and expenditure released in 2016, the income of five per cent of the richest families went up by 57 per cent in six years from 2010 to 2016.At the same time, the income of five per cent poorest decreased to 59 per cent. Their per capita income lowered to 733 taka per month which was 1791 taka in 2010.Executive chairman of Power and Participation Research Centre (PPRC) and former advisor to caretaker government Hossain Zillur Rahman said that there was no doubt that Bangladesh is heading towards a sustainable economy.“It is to find whether these rich people contributed to the economy or became rich in an unethical way. Because, the corruption and irregularities in banking and other sector refers to such likelihood,” he added.However, some of the economists believe that in the initial phase of development, inequality in income increases. This discrimination decreases after the economy goes to a sustainable position. Also, they note that crony capitalism is a common picture of developing countries.There are debates among economists about income inequality.“It is not necessary that the income disparity increases in primary phases of development. The best instance is South Korea,” economist Wahiuddin Ahmad said in a citizens’ dialogue organised by the PPRC and the International Chamber of Commerce (ICC).“If we cannot create effective institutional resistance against corruption and it continues like this, our economy will not be able to take the burden in the future,” he added.Planning commission member Shamsul Alam told Prothom Alo that the government also is concerned about the increasing inequality in income.“The government is putting emphasis on social security programmes in this regard. We are also introducing a number of initiatives to reduce the inequality in upcoming the eighth five-year plan which is underway,” he added.Shamsul Alam also said that the overall GDP growth in Bangladesh is high. “New resources are being created and so the growth is increasing. Therefore it is only natural that the number of millionaires will increase,” he added.*This piece originally published in Prothom Alo print edition has been rewritten in English by Farjana Liakat