Luke Girgis, the co-founder and CEO of youth culture publisher The Brag Media, is leaving after a review of the business by the new owner, ASX-listed music Vinyl Group.
The Brag Media, reaching about ten million users per month, publishes TheBrag.com, The Music Network and Tone Deaf, and Penske Media Corporation (PMC) titles Rolling Stone and Variety in Australia and New Zealand.
Vinyl Group in December agreed to pay about $8 million to acquire the publisher.
The company announced the promotion of Jessica Hunter to head of The Brag Media. Senior contributor Lars Brandle, a former musician and global news editor of Billboard, has been appointed head of content.
Girgis has departed the business, the company said. At the time of the sale, Girgis was said to have received five million options in Vinyl upon sale completion, vesting in two equal tranches.
The company today told the ASX more than 5 million options has ceased because "conditions have not been, or have become incapable of being, satisfied".
Jessica Hunter has been allocated 500,000 options.
Vinyl Group shares last traded at 11 cents each.
As a result of the review and changes, $750,000 of savings over the next year are expected.
Hunter previously led the agency and brand partnerships team at Woolworths’ Cartology, headed up the national commercial team at Daily Mail, and spent time with Bauer Media, News Corp and Nine.
Brandle will be responsible for The Brag Media’s content strategy and output across its suite of titles including Rolling Stone Australia and New Zealand, Variety Australia, The Music Network and Tone Deaf.
“Upon acquiring The Brag Media, the board and I have taken the time to get to know all the incredible talent in the team," said Vinyl Group CEO Josh Simons.
"It became clear that Jessica’s leadership and commercial achievements since joining the business have made her an undeniable force."
Hunter said the business is home to some of the best people in media.
"This is a fantastic opportunity to lead Australia’s largest creator of premium youth content and events through the next phase of growth," she said.
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