Forbes Media has announced the appointment of the company’s chief revenue officer, Sherry Phillips, as chief executive officer, effective January 1, 2025. After seven years as CEO, Mike Federle is stepping down at the end of the year and will continue to serve as a strategic advisor to the Forbes leadership team and board.
Phillips was appointed chief revenue officer in 2022, overseeing all aspects of Forbes’ revenue-driving business including - digital media, branded content, events and marketing. Previously, Phillips served as chief sales & marketing officer. Phillips joined Forbes in 1996 as publisher of ForbesLife. With this promotion, Phillips becomes the first female CEO in Forbes’ 107-year history, added the company.
Forbes says Federle, who joined in 2011 as chief operating officer and was named CEO in 2017, has successfully led its digital transformation efforts and piloted the company through a period of evolution and growth. Under his leadership, Forbes says it has diversified its revenue, expanded the business into new categories including ecommerce and global real estate, and built a successful business strategy that nurtures journalistic excellence and supports a robust and professional newsroom.
In 2024, Forbes says it recorded one of its best performing years ever in terms of audience growth, with a 50% increase in site traffic year over year. Under Phillip’s leadership, Forbes’ Live events revenue increased 40% over the past two years and Forbes’ sales team delivered outstanding results, including more than 20 seven-figure advertising partnerships this year, added Forbes.
“It has been a privilege and an honor to lead Forbes during one of the most revolutionary periods in its history,” said Mike Federle. “Having had the opportunity to work with so many talented and passionate colleagues, including leading business journalists and the irrepressible sage of capitalism, Steve Forbes, I have no doubt that Forbes legacy is in very capable hands and will continue to thrive.”
“Sherry is a smart and inspirational executive, who has built her career leading global revenue teams, developing meaningful partnerships, and creating and launching new growth initiatives,” added Federle. “She has been a valued and trusted partner and is the ideal strategic leader to continue to innovate the business and grow the powerful Forbes brand around the world.”
“It is an honor to lead the iconic Forbes brand as we step into 2025,” said Sherry Phillips. “I’m grateful to Mike, our investors and the Board for the opportunity to lead our team and look forward to continuing our path of strategic innovation and continued growth. Since its founding in 1917, the Forbes brand has been synonymous with business and financial success with an unwavering commitment to trusted and impactful journalism, a mission more important today than ever before.”
“At Forbes, we stand for success, and we support the success of our own,” added Phillips. “My nearly three decades with the company is a testament to that commitment. I am eager to work with my colleagues as we chart our path in this challenging and exciting new era for our company and for the media industry.”
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