(Adds information from memo)
May 13 BuzzFeed President and Chief Operating
Officer Jon Steinberg is stepping down after four years at the
online entertainment and news start-up and will become an
adviser to the company.
Founded in 2006, BuzzFeed is known for its lists of cute
cats and other shareable content, and more recently, for its
foray into news.
"Jon has decided after four years of being President and COO
of BuzzFeed, it's time for him to move on to new ventures and
challenges and will be moving into an advisor role at BuzzFeed,"
Steinberg and BuzzFeed founder Jonah Peretti wrote in a memo
circulated to staff on Monday and provided to Reuters by
Steinberg, 37, will join Lerer Ventures, one of BuzzFeed's
financial backers, as an adviser.
Steinberg said he is interested in working in the technology
and media sectors.
"I'd like to spread my wings a little bit and maybe run
something on my own," he told Reuters.
A former Google Inc executive, Steinberg was
BuzzFeed's 15th employee. He steered operations including
advertising at the company, which is known for its sponsored
content and quizzes that are ubiquitous on social media such as
Twitter and Facebook.
"With Jonah and his team, BuzzFeed has gone from 15 people
to 500 -- the site is huge," Steinberg said. He said leaving
BuzzFeed was a natural break after four years there.
BuzzFeed's revenue is expected to double this year to $120
million, a person familiar with the company told Reuters in
(Reporting by Jennifer Saba in New York; Editing by Tom Brown,
Bernadette Baum and Leslie Adler)