Hozefa Lokhandwala is the latest top exec to leave Vice Media Group.

Lokhandwala has been co-CEO since Februrary, when he and Bruce Dixon took over following Nancy Dubuc’s departure. Dixon will now be the sole CEO of VMG as Lokhandwala pursues other opportunities.

He had previously been Chief Strategy Officer at VMG since October 2018, having been an MD in the Media Investment Banking Group at J.P. Morgan before joining the youth-skewing media company.

His exit follows a number of layoffs at the company over the year, twelve months that has seen its bankruptcy sale. The company was acquired at the end of July by a group of its former lenders, Fortress Investment Group, Soros Fund Management and Monroe Capital.

Memo from Hozefa Lokhandwala: 

VICE Team,

It’s been an incredible journey together, but today I am writing to you all to let you know that I have made the decision to leave VICE and my role as Co-CEO of the company.  I didn’t come to this decision easily.  As many of you know I live and breathe the brand, love the content we make and feel incredibly close to all the teams that make all of this possible, but I decided that it’s time for me to start on my next chapter.  We are at a moment in time where the company is in a place with strong leadership and a new board, that I felt I could take this opportunity to leave and spend some time with my family and friends, before starting a new endeavor.

I came to VICE in 2018 but I was not a stranger to the company.  I was a consumer, first picking up the magazine in the Stussy store when VICE first came to NYC.  I had participated in many of the “experiential events” in the early days in Brooklyn and followed its progress as it grew into its aspirations.  As an advisor to VICE, I helped start and finance a fledgling VICE Studios and worked on a number of other transactions for the company.  I took a leap to join VICE in 2018 as Chief Strategy Officer and never looked back.  We have gone through significant challenges as a company and there have been many tough things that we have faced together, but we did it as a team and through it all we continue to see the promise of what VICE is and can be.  We have accomplished a great deal together and while there is more work to do, it’s clear VICE is on the path for a stronger brighter future.  

I will miss our time together and as difficult as it is to say goodbye, I am excited to start on my next adventure and I know I can do that because of the leadership in place.  Bruce has been an incredible partner across the board and in him you have a strong leader to continue the work we have been doing to build a strong sustainable company for the future.  He loves this company and the people here. I feel thankful for his friendship and partnership through it all – you are truly in good hands.  

I want to take a moment to thank all of you at VICE for all your hard work and the effort you put into making this amazing place hum.  Work together, lock in and focus on the future opportunities – the best days are ahead of you.  Thank you to Bruce, Shane and the leadership team, with whom I have spent significant time working through it all.  Thank you to the Board who trusted and supported me and this team.  It’s been a privilege and a pleasure leading this company and with love and respect I wish you all incredible success for VICE’s future.

One,

Hozefa

Memo from Bruce Dixon:

Team,

You’ve just heard from Hozefa about his decision to step down as co-CEO. This is a tough day for me and I’m sure for many of you. Hozefa has been an inspiring partner, colleague and friend to many of us. He has been a source of tremendous support and a powerful advocate for change as we have done the difficult work of reshaping VMG, transitioning to a new ownership structure and putting the company on a new path for success.

While we understand and respect his decision, it’s natural for such transitions to bring about a mix of emotions. We’ve seen a number of leadership changes this year as we continue with the hard but important work of building a strong and sustainable future for VMG. 

Change, though challenging, provides an opportunity for growth and renewal. I’m confident that, as a united team, we will continue to deftly navigate these transitions. Your professionalism, resilience, and teamwork have always been our greatest strengths, and I have full confidence that these qualities will guide us through the current period of adjustment and will help to build a future of stability and growth.

Please join me in wishing Hozefa the utmost success in his next chapter, and in thanking him for all that he’s contributed to VMG. We’ve benefited enormously, not just from his expert leadership and sound business acumen, but also his regular reminders of why this brand means so much to so many people and why we’re working so hard to see it through to its next stage of success.

Feel free to reach out if you have any questions. Our leadership team is here to support you, ensure a smooth transition and foster an environment where everyone can thrive. There’s no better team in the business, and I’m confident that together we’ll build on our success and embrace VMG’s future with optimism and a renewed commitment to the mission of this great company.

Bruce

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Source: DLine

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