After only six months with Postmedia, Simon Jennings is no longer chief revenue and digital officer for the struggling media company.
According to Postmedia, Jennings’ departure was a mutual decision by both parties, and no replacement will be named. “Current management will oversee revenue and digital operations,” said Phyllise Gelfand, vice-president, communications for Postmedia Network. When asked if Jenning’s departure was part of other layoffs or staffing changes, Gelfand said it was an “isolated” move.
Though it’s not clear when Jennings officially left the company, his Linkedin page has been updated to say,“Taking a breather at the cottage with my kids and my clubs.”
Jennings, the former executive vice-president of Torstar Digital and president of its Olive Media advertising network, was hired to lead Postmedia’s digital and sales team in January—a newly created position at the time.
At the time of his hire, CEO Paul Godfrey said Jenning’s digital expertise complemented Postmedia’s well-publicized strategy to become a “digital first” company.
But recent financial performance reveals the company has been struggling to make that transition a profitable one.
On July 10, Postmedia reported loses of $12.1 million in its latest quarter compared with a loss of $2.7 million a year ago, as it worked to cut costs and transform itself. Revenue was down 7% to $212 million for the period ending May 31, from $227.6 million a year ago, with ad revenue down 10%.
“While we continue to face a challenging and uncertain outlook with respect to our traditional business model, we are aggressively launching initiatives that proactively support our transformation from a print newspaper publisher to a digital and audience focused media company,” CEO Paul Godfrey said when the numbers were released.
“The changes we are making will produce a more nimble, forward-looking media company, capable of producing higher quality and better targeted products.”
The company has launched a number of efforts to reverse its loses, including the sale of its head office in June, and said other cost-saving initiatives over the next two quarters would result in savings of $35 to $40 million annually.
