George Grobar is set to shift to a new role at Penske Media Corporation, moving to a CEO advisory role and a board member, and stepping down as president of the company, which owns The Hollywood Reporter.

Craig Perreault, currently PMCs chief strategy officer, has been promoted president of media corporate development.

George is one of the greatest executives Ive ever had the chance to work alongside, hes a trusted friend, impactful leader, and one of the shrewdest business minds I know, said Jay Penske, chairman and CEO of Penske Media Corporation. I feel so fortunate for 16 years of partnership and remain excited about our continued collaboration for many more years to come. Georges contributions to this organization are indelible and have no doubt been instrumental in making PMC the company it is today. Grobar joined PMC in 2009 as its CFO, and was named president in 2021. Perrault, who has been with the company for 21 years, will now oversee revenue operations for all 26 PMC media brands in addition to strategic corporate development and partnerships.

Craig has been with me almost since day one, playing an integral role in building and driving this business forward, Penske added. Over the years, hes worn many hats across the organization and developed a truly unique understanding of the complexities of our business. His deep expertise, natural ability to adapt, and unwavering nimbleness have always set him apart. Im excited to see the impact he will make in his new role.

The last 16 years have been exhilarating, witnessing the creation and build of the most extraordinary media and events companies in the world, said Grobar. I am grateful for my PMC family, the numerous talented executives, and for the opportunity to continue working closely with Jay.

Georges impact on PMC has been immeasurable, said Perreault. Hes been a close colleague and friend for a long time, and Im grateful that our collaboration will continue through his participation on the board and special projects.

Im excited for the opportunities ahead and look forward to continuing my journey with the incredible people and brands at PMC, Perreault added. This marks my 21st year at the company, and I feel well-positioned to carry forward PMCs core mission. Despite the challenges we face in todays market, I believe there will always be a place for information, experiences, and entertainment of the highest quality.