Kenneth Lerer Stepping Down as BuzzFeed Chairman

Kenneth Lerer is stepping down from his post as chairman of BuzzFeed after more than a decade with the digital publisher.

The longtime media investor informed the board of his decision last week. Sources say that the move was for personal reasons and will give Lerer more time to focus on venture business Lerer Hippeau, where he is managing director.laid off more than 200 employees in a move to cut costs and reach profitability. The once high-flying startup, which counts NBCUniversal and Andreessen Horowitz as investors, has been among the publishers that have struggled under a shifting media landscape, particularly Facebook's move away from prioritizing professional content in users' News Feeds.

Lerer's departure from BuzzFeed's board comes a little more than a year after he left his post as a Viacom director. BuzzFeed has yet to announce if it will replace Lerer with a new chairman. A former AOL senior leader and one-time communications executive, Lerer was among the co-founders of The Huffington Post alongside Arianna Huffington and Peretti. After Peretti left HuffPost to build BuzzFeed, Lerer invested through Lerer Hippeau and became chairman. Lerer Hippeau's other media investments include Axios, Brat, Group Nine Media and Refinery29.

BuzzFeed is doomed to failure

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