Vice Media Group is closing its office in France and has named finance execs Bruce Dixon and Hozefa Lokhandwala as its co-CEO’s, replacing the outgoing Nancy Dubuc.
Lokhandwala has been chief strategy officer at Vice since October 2018 and a JP Morgan banker before that, while Dixon – a former BBC Studios finance director – has been CFO since 2021, having previously held the role at Vice Studios.
Vice is also shuttering its office in France, after 15 years of operation. The company’s French chief Paul Douard and its company manager in the country, Justine Reix, confirmed the news on social media.
Douard said that around 30 staff would be affected, adding: “No drama, just the frustration of losing a medium with [a] bold tone, freedom and choices. Something rare today. I keep in mind [the] magnificent years and subjects that do not exist anywhere else.”
‘Next stage of growth’
The news comes a day after former A+E Networks chief Dubuc stepped down as CEO following a five-year tenure and as the company continues its search for a seller of part, or the whole, of the business.
On Dixon and Lokhandwala’s appoitments, the Vice board described the duo as “incredibly experienced and deeply talented executives who enjoy the full trust of Vice’s leadership team and board.”
“With their combined 10 years of experience at Vice and their long commitment to the company’s brand, mission and operations, [Dixon and Lokhandwala] are perfectly positioned to guide the company through this next important stage of growth,” the board’s statement read.
Dixon and Lokhandwala added: “This is an era of tremendous change for media companies, and Vice’s unique brand of news, entertainment and lifestyle content has never been more relevant. We look forward to building on its success as we chart the next exciting chapter for the company.”
Vice is home to UK-based Gangs Of London producer Pulse Films, as well as the Vice TV network, the Vice Studios film & TV unit, a distribution arm and Refinery29.
It also owns agency Carrot Creative and fashion title i-D, but attempts to secure financial support have not yet resulted in a deal.
The company, valued in 2017 at $5.7bn, is now attempting to pitch itself to buyers at $1.5bn according to the Wall Street Journal, with Greek media outfit Antenna in talks over a potential deal. Existing backers include Disney, WPP and the Raine Group.
TBI has contacted Vice for comment on the closure of the French office.