• by Sara Guaglione , July 19, 2016

IBT Media co-founder Etienne Uzac is stepping back from his position as CEO and will become chairman. Dev Pragad, currently CEO of IBT Media EMEA (Europe, the Middle East and Africa), will add CEO for IBT Media North America and Newsweek to his role. Jim Impoco will remain editor of Newsweek.

IBT Media's CEO position will remain vacant for now, according to Ad Age, but “may be filled in the future.”

Uzac co-founded the company 10 years ago with Johnathan Davis, who currently serves as Chief Content Officer.

“I am keenly interested in our international network and will work closely with Dev and the rest of our leadership team as we develop plans for leveraging our global footprint,” Uzac wrote in a memo to staff obtained by Ad Age.

According to the report, Uzac decided to step back in the hopes that Pragad would bring the North America division similar success as he has achieved abroad; Pragad played a key role in IBT Media’s launch in the U.K. in 2009.

Pragad will relocate to New York from London.

Changes have hit the IBT Media staff as its undergoes what the company calls “a corporate restructuring.”

Just a few weeks ago, Publishers Daily reported that IBT Media underwent a huge round of layoffs of roughly 40 employees at International Business Times and Newsweek, essentially eliminating IB Times' media, tech, business and international desk.

Also cut were five editorial staffers at the company's other brand, Medical Daily, and "at least" 11 noneditorial staffers from IBT Media as a whole, according to Politico.

Additionally, IBT Media announced that it would spin off Newsweek “into a separate operational entity.” Some sources speculate that the move signals IBT’s intentions to sell Newsweek.