CNBC president and chairman Mark Hoffman will be stepping down from his post at the helm of the 24-hour business news channel effective Sept. 12, it was announced on Tuesday.
Hoffman will be replaced by KC Sullivan, who until now has been based in London, where he headed NBCUniversal’s global advertising and partnerships, according to CNBC.
Sullivan will return stateside to succeed Hoffman, who will stay on in a consulting role to assist in the transition, the news site reported.
“Mark has overseen the steady continued growth of CNBC as the world’s #1 business and money news brand,” said Cesar Conde, the chairman of NBCUniversal News Group, whose portfolio includes overseeing NBC News, MSNBC and CNBC.
“No business news organization comes close to the reach and influence of CNBC, a true testament to Mark’s leadership.”
Hoffman is credited with helming CNBC during a period of profitability for the cable channel, an impressive feat considering the dwindling linear television audiences.
While CNBC has turned a profit, it faces stiff competition from Fox Business Network, which recently overtook its Comcast-owned rival for most viewers in the coveted 25-54 demographic during morning and market hours, according to Nielsen ratings.
Fox Business Network is a subsidiary of Fox Corporation, which is the sister company of The Post’s corporate parent, News Corp.
Despite the challenge posed by Fox Business Network, CNBC still has significant influence, data from Ipsos surveys shows. CNBC ranks No. 1 among all business news platforms in viewers who earn more than $125,000 a year.
Hoffman first joined CNBC in 1997. Four years later, he departed the network to take a job leading a local television station.
In 2005, he returned to CNBC and urged its parent company to acquire a 50% stake in CNBC Europe and CNBC Asia, which at the time was owned by Dow Jones.
Hoffman is also credited with growing the business channel’s digital presence. According to the latest data, CNBC.com has boosted its monthly readership to around 200 million unique users.
“Once defined as a moribund domestic cable channel that many thought would never fully recover from the dotcom bubble bursting, CNBC is today a global multimedia powerhouse, punching far above its weight, in the digital age,” Hoffman said.