Forbes sent out an internal memo today congratulating eight Forbes employees on new promotions.
While new titles are always exciting, Forbes insiders are saying that executives aren’t giving big raises for the promotions, and just “liberally handing out higher titles” instead.
“There wasn’t even an X-mas bonus this year,” said a source.
The source also notes that half of those promoted are very young – in their mid-to-late twenties.
Forbes is just one business magazine that took a beating in 2009. Portfolio died, BusinessWeek was sold for just $5 million in cash. A few weeks later, Fortune announced a plan to go from 25 issues a year to 18. And now, this. Forbes had layoffs in October and has experienced circulation woes, too.
We’ve reached out to Forbes reps, who responded: “We’re a private company, so we won’t be commenting on whether or not these recently promoted individuals received raises.”
The memo from Michael Smith, president of Forbes.com:
I am pleased to announce the following promotions, effectively immediately, which reflect changes in our organizational structure as we enter 2010:
Kristina Milke has been promoted to Senior Vice President & Managing Director of Investopedia, and will continue to report to me.
Jonathan Meyers has been promoted to Vice President of Business Development & Advertising Operations, and will continue to report to me. In his new role, Jonathan will work closely with Sales to test, develop and grow alternative revenue streams. He will also evaluate and launch new digital business initiatives and products, and lead a project to bring better prioritization, focus and structure to Forbes Digital’s strategic initiatives under the 2010 Operating Plan.
Michael Dugan has been promoted to Vice President of Software Development, reporting to Dr. James Lin.
Tiffany Luck has been promoted to Director of Data & Analytics, a new department for us, reporting to me. This new team, which includes Ali Herrmann and Stephanie LeBlanc, is an important part of our data-driven decision-making strategy. Our Data & Analytics department’s responsibilities will include support for our offsite technologies including Content Advertising Modules & Real Time Bidding systems.
Sharon Gitelle has been promoted to Director of Audience Development & Social Media, and will continue to report to me. We will be merging Sharon’s current Blog Recruitment & Social Media team with our Audience Development team, a move which supports our strategy of developing and growing our audience across social media platforms.
Alyson Papalia has been reported to Manager of Advertising Operations, reporting to Eileen Moroney.
Lauren Cline has been promoted to Product Manager, reporting to Jonathan Meyers.
Peyton Ladt has been promoted to Business Development Associate, will also report to Jonathan Meyers.
Our Editorial, Sales & Marketing, and Operating divisions are all working together to help Forbes Digital continue to be successful in serving our readers and advertisers. These well-deserved promotions reflect the hard work of our colleagues during an important transitional time for our business. Each are recognised for helping us change the paradigm of how our company competes in the upcoming decade.
Please join me in congratulating them! I look forward to continued innovation and success in the months ahead.
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