The New Republic CEO and Publisher Michael Caruso Steps Down
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The chief executive and publisher of the left-leaning news publication The New Republic, Michael Caruso, stepped down from his role on Thursday, according to an internal memo obtained by ADWEEK.
Caruso took the helm of the 110-year-old publisher in February 2023, following stints at The Hill and The Smithsonian Institute. Brian Groves, director of circulation and audience development, will stand in as interim publisher, although the outlet is conducting a search for a full-time replacement, according to the memo.
Both Caruso and The New Republic declined to offer further comment.
“It’s been a great honor to work at The New Republic,” Caruso said in the email. “I’m proud of what we’ve accomplished together and know that TNR is now well-positioned for success into the future, especially with such a talented editor and great staff.”
With his appointment last year, Caruso filled a CEO position that had been vacant since 2016, when TNR owner Win McCormack purchased the title from Facebook cofounder Chris Hughes.
When Caruso first took the role, he told ADWEEK that his main priorities would be growing the events business; expanding beyond Washington, D.C., to New York and Los Angeles; and bolstering digital subscriptions.
In his 18-month tenure, Caruso succeeded in bringing new readers to The New Republic, according to a public email sent by the company Monday.
While there, Caruso grew the TNR “total audience” from 3 million to 156 million—an extraordinary increase, though its exact criteria are unclear—and raised the circulation of its print magazine from 25,000 to 42,000, according to the email.
“On behalf of myself and the entire organization, I’d like to thank Michael for his spectacular performance for us,” McCormick said in the second email. “During his time at TNR, he turned our financial fortunes around, exceeded all of his goals, and put us on track to sustained success.”
The New Republic was also the subject of headlines in January when McCormack, who is also the editor in chief of the publication, the heir to a Midwest banking fortune, and a big donor for Democratic causes, was found to be the victim of a yearslong, $34 million heist perpetrated by his chauffeurs. The crime was the largest alleged heist against a single person in Oregon history.
https://www.adweek.com/media/new-republic-ceo-michael-caruso-steps-down/