It’s probably the worst kept secret in the industry, but Pacific Magazines has this morning confirmed the departure of its CEO Peter Zavecz. It’s understood Zavecz is leaving to take up a role at News Corp.
It follows a fairly horrendous few days for the magazine publisher. Last Friday saw a horror show at the ABCs as its circulations plummeted, while yesterday saw the announcement of a closure of a number of its titles.
On Monday, The Australian speculated that the Pac Mag business had shrunk so significantly and its profits were so minimal that it could possibly be folded into the Seven West Media umbrella.
Pacific Magazines released a statement this morning regarding Zavecz’s departure. It read in full:
Peter Zavecz, the Chief Executive Officer of Pacific Magazines, has advised us that he will be leaving the company, effective 30 September, 2016.
Peter has done a remarkable job over the past 11 years, as Commercial Director, as a Publisher and as CEO of Pacific Magazines.
He has led a terrific team working on some of the best brands in the publishing business and successfully led the Pacific Magazines transformation into new forms of digital delivery. It has successfully launched new digital products and the business has been transformed over the past two years.
Pacific Magazines has leadership in most of the categories in which it publishes and is taking the lead in driving these brands beyond publishing.
All of us at Seven West Media and his people at Pacific Magazines wish him well in his new role.
We understand and acknowledge his decision to relocate to his home town in Melbourne with his family.
Peter will continue to lead Pacific Magazines until he takes up his new role, and we will announce the appointment of a new Managing Director for Pacific Magazines in the near future.