Mark Hoffman, who has been CNBC’s chairman since 2015 and president since 2005, announced on Tuesday that he will retire on September 12. He has held both of these positions since 2005.
KC Sullivan is scheduled to return to the network on September 12 and will assume the job of president upon his arrival. Sullivan, who will now be reporting to Conde, most recently worked as the president and managing director of NBCU Global Advertising and Partnerships, which has its headquarters in London. Conde will be receiving Sullivan’s reports.
Prior to this position, he held the roles of president and managing director of CNBC International, chief financial officer of the news organization, and chief financial officer of CNBC. Before beginning his career at NBC, he was employed at General Electric for a total of nine years.
In April of 2015, the position of Chairman of CNBC was given to Mark Hoffman, a seasoned broadcaster who has worked in the industry for more than 30 years and won a number of honors. In addition to that, he is a member of the NBCUniversal executive committee.
CNBC: Mark Hoffman Salary and Net Worth
Mark Hoffman started working for CNBC in the year 1997, and he eventually rose through the ranks to become the network’s president and chairman in the years 2005 and 2015, respectively.
In the year 2020, Conde was selected to lead a newly founded NBCU newsgroup, and CNBC was assigned to fall under his purview. Andrew Lack was the former head of both NBC News and MSNBC, while Hoffman was in charge of CNBC.
Comparably estimates that the annual compensation of a CNBC executive comes in at an average of $211,436. The median expected annual income for executives at CNBC is $213,389, which comes out to $102 per hour of work when base pay and bonuses are factored in. At CNBC, the executive with the highest annual salary makes $518,000, while the executive with the lowest annual salary gets only $50,000.
According to studies conducted by Ipsos, CNBC TV has regularly placed first among all business news outlets in terms of its ability to communicate with individuals in the United States who earn more than 125,000 dollars yearly.
Our best guess is that Mark’s salary falls somewhere in the range presented earlier. However, we are still evaluating his net worth at this time.
CNBC continues to be one of the most consistently profitable assets owned by NBCUniversal, despite the fact that each year millions of Americans terminate their subscriptions to linear cable TV services.
CNBC’s profitability has increased in 16 of Hoffman’s 17 years as CEO, bringing his total to 65 years. CNBC’s profits are expected to rise in 2022, according to the projections of an individual who is familiar with the issue.
Why Is Mark Hoffman Resigning?
Mark Hoffman has decided to leave his position voluntarily. Cesar Conde was chosen as the new head of NBC News, MSNBC, and CNBC by NBCUniversal in May 2020. This move was made to provide the organization with more consolidated leadership.
It is remarkable that Hoffman has worked for CNBC for the past 17 years. Suzanne Scott, who has served as the chief executive officer of Fox News since 2018, and Noah Oppenheim, who has served as the president of NBC News since 2017, are the individuals who will succeed Hoffman in their respective roles.
After returning to CNBC in 2005, he wasted little time in making an offer to purchase stock holdings in the network from Dow Jones in the proportions of 25% for CNBC World, 50% for CNBC Europe, and 100% for CNBC Asia.
After establishing financial control over the company’s international properties, Hoffman enhanced the reach of CNBC on television and concentrated on developing the company’s digital operations.
Over the course of the past six years, the number of individuals who visit CNBC.com on a monthly basis has climbed from 30 million to approximately 200 million, representing a 6-fold increase.
Mark Hoffman Wife
According to the many reports, Mark Hoffman has tied the knot. In addition to this, he is the father of three sons.
Hoffman attended the University of California, Berkeley, where he earned a Bachelor of Arts in Sociology. He then went on to get a Master of Arts in Journalism from the University of Missouri. Before going back to work for CNBC, Hoffman held the position of President and General Manager at WVIT in Hartford, Connecticut, which is a station that is owned and run by NBC. He began working there in August 2001.
In order to take up his job as Managing Editor for Business News and interim President and Managing Director for CNBC Europe at WVIT, he resigned from CNBC, where he had previously served as Vice President and Managing Editor for Business News.
In order to maintain CNBC’s status as a trustworthy news source, Hoffman has extended the contracts of well-known TV figures such as Jim Cramer, Becky Quick, Joe Kernen, David Faber, Carl Quintanilla, and Andrew Ross Sorkin. This is especially important for more affluent Americans.