• by Sara Guaglione , January 10, 2017

Chairman and CEO of the ObserverJoseph Meyer sent a memo to staff announcing that Jared Kushner, Donald Trump’s son-in-law, will no longer have an ownership stake in the newspaper and has resigned from its editorial board.

Kushner was tapped for a senior adviser role in the White House on Monday. As a result, he “will play no role in the publication’s affairs going forward,” Meyer wrote.

Meyer, who is Kushner’s brother-in-law, will take the role of publisher.

CNN’s Dylan Byers reports that Kushner will transfer his interest in the paper to his family trust. Some of his divested assets will be purchased by his brother, Joshua.

Kushner, his wife Ivanka Trump and their children, are not the beneficiaries of the family trust, Kushner’s lawyers told Byers.

Kushner will also resign from his family’s real-estate development company.

The New York Observer, which Kushner bought in 2006 for almost $10 million when he was 25, has struggled recently. The newspaper shut down its weekly print edition after nearly 30 years in print. “New York” was dropped from its title to match the name of the Web site, which rebranded as Observer.com in 2015.

Last month, WWD reported that Kushner had been looking for potential buyers.

Kushner’s ownership of the paper helped him gain influence in elite social circles and propel him to his current position of power.