Spirits are Still High at Hearst With $1 Billion in Savings

MitchScherzerMitchell Scherzer

You can learn from Hearst. According to the New York Post, the publishing house for Marie Claire, Esquire and Popular Mechanics, stowed away $1 billion for emergency purposes.

Being that we’re hearing about it now, Hearst has utilized its savings, investing in its new CFO – former Goldman Sachs investment banker and Managing Director of The Silverfern Group – Mitchell Scherzer, who replaces Ronald Doerfler. Luckily the subjugated CFO will retain a job as senior VP of finance and administration.

With the grim outlook of the publishing industry, I’d say that Hearst CEO Frank Bennack, made the all the right moves. Add to that, the debt-free Hearst has $7 billion in revenue (despite the slump in profits this year).

Advertisements

Leave a comment

Filed under Fashion News

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s