The Washington Post, faced with a recent audience decline and job cuts, has appointed veteran media executive Will Lewis as its new CEO and publisher. This move signals a pivotal change in leadership, aiming to rejuvenate the newspaper's standing in the industry.
Will Lewis, a British-born media executive, brings a wealth of experience to The Washington Post. He previously served as a top executive at the Wall Street Journal and founded a start-up aimed at delivering news to younger audiences.
Lewis's journey in the media world began as a reporter and subsequently transitioned into management, with significant roles at the Daily Telegraph in England and a decade at News Corp working for media mogul Rupert Murdoch.
Challenges Faced: The Washington Post experienced significant growth during the Trump administration, but in recent times, it has grappled with economic challenges akin to those affecting the broader news industry. These difficulties led to multiple rounds of layoffs, the discontinuation of its Sunday magazine, and the announcement of 240 voluntary buyouts for its staff.
Outgoing CEO's Assessment: Patty Stonesifer, the outgoing interim CEO, acknowledged that during the growth phase, the newspaper had overspent due to overly optimistic financial projections.
Digital Subscriptions: The Washington Post currently boasts 2.5 million digital subscribers, a drop of over 15 percent since former President Trump's departure from office in 2021. This contrasts with The New York Times, which reported 9.2 million digital subscribers in mid-2023. Notably, The Post is projected to face a potential loss of approximately $100 million in the same year.
Lewis's Response: In a news release, Will Lewis expressed his excitement and humility at taking on the role of CEO and publisher. He emphasized his dual perspective as both a media executive and a former reporter.
Jeff Bezos's Announcement: Jeff Bezos, the owner of The Washington Post since 2013, highlighted Will Lewis's attributes, including his love for journalism and dedication to achieving financial success. Bezos conveyed his confidence in Lewis's ability to lead the newspaper toward a prosperous future.
Effective Date: Will Lewis is set to assume his role as CEO and publisher of The Washington Post on January 2, succeeding Patty Stonesifer. Stonesifer temporarily led the newspaper following Fred Ryan's departure earlier in the year, who held the position for nearly a decade. Sally Buzbee currently heads The Post's newsroom as the executive editor.
Strategies for Success: Media experts suggest that The Washington Post must establish its unique value proposition to remain indispensable in the industry. Potential strategies include a focus on investigative reporting, akin to its recent revival of the Style brand.
Journalism over Politics: Lewis will need to prove to The Washington Post's team that he prioritizes journalism over politics, despite his known associations with British political figures.
Founder of The News Movement: Currently, Will Lewis serves as the founder, CEO, and publisher of The News Movement, a social-first media business targeting Generation Z. His expertise in building digital subscriptions, exemplified during his time at the Wall Street Journal, aligns with industry needs.
Relevant and Latest Facts:
The Washington Post named Will Lewis as its new publisher and CEO on August 6, 2023.
Lewis is a former top executive at the Wall Street Journal and the founder of a start-up that tries to deliver news to young people.
The Post has lost more than 15% of its digital subscribers since Trump left office in 2021.
The Post is on track to lose about $100 million this year.
Lewis will assume the role effective Jan. 2, 2024.
Overall, Will Lewis is a veteran media executive with a proven track record of success. He is expected to turn around The Washington Post's recent slump and make it uniquely indispensable in the digital age.