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Forbes Group President Out Kicked Upstairs

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by Jeff Bercovici
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Aug 08 2008 1:57pm EDT

'Forbes' Group President Out; Kicked Upstairs?

Jim Berrien is stepping down as president and publisher of the Forbes Magazine Group, a position he's held for the past five years. He'll become chairman of Forbes as of January 2009, according to both Mediaweek and Min.

The New York Post reported over a year ago that Elevation Partners, which owns 40 percent of Forbes, was unhappy with Berrien and wanted him gone. Berrien said at the time that rumors he was set to depart were "100 percent wrong."

But since then, the magazine's advertising slide has worsened. Forbes finished 2007 down 4.8 percent in ad pages, and in the first half of this year was down an additional 12.6 half. Rival Fortune, while running fewer pages overall in the first half (1,121 vs. 1,496), managed a 1.3 percent increase in the same period.

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