Forbes looking for new COO

New chief operating officer to be hired in reshuffle

The Forbes magazine's chief executive officer Steve Forbes and his brother, chief operating officer Tim Forbes, are planning to reshuffle the management after running the publication for almost two decades, CNN Money has reported. The magazine is reportedly looking for a new COO.

Tim is going to move to a higher level in the company, while the new person coming will report to both Steve and Tim. Forbes is planning to take a new COO in a bid to improve and re-strategise its digital presence, the website said.

Forbes has recently hired Lewis DVorkin, founder and CEO of True/Slant, as a web consultant. Hiring a new COO with significant digital experience is considered another step in the company's online strategy.

CNN Money noted that a source had speculated to Fortune that new leadership is needed to help make the company profitable again. Forbes ad pages dropped 30 per cent in the first nine months of 2009, compared to previous year. This was followed by the company slicing its staff of 200 by about 25 per cent.