Variety CEO Michelle Sobrino-Stearns to Step Down

After a distinguished 28-year career with the esteemed entertainment news brand Variety, Michelle Sobrino-Stearns, CEO and Group Publisher, is set to step down next month. Her departure marks the end of an era defined by significant business transformation and pioneering leadership for the publication. Sobrino-Stearns is transitioning to an entrepreneurial venture, aiming to build a fashion brand from its inception, fulfilling a long-held personal ambition.

A Legacy of Transformation at Variety

Michelle Sobrino-Stearns has been a pivotal force in reshaping Variety, especially over the past twelve years following Penske Media Corporation’s (PMC) acquisition of the brand. Her leadership was instrumental in navigating a period of dramatic industry change and solidifying Variety’s position as a leading voice in entertainment journalism. She made history as the first woman to serve as Variety publisher and, in 2020, became the publication’s first-ever CEO.

During her extensive tenure, Sobrino-Stearns spearheaded numerous successful initiatives that expanded Variety’s reach and influence:

• Power of Women Event Franchise: She created and expanded this tentpole event, which now includes editions in New York and Nashville.
• Annual Features: Instrumental in launching key annual features such as “Dealmakers” and “Power of Law.”
• “Actors on Actors” Expansion: Drove the deal in 2014 to bring Variety’s acclaimed interview series “Actors on Actors” to television.

Jay Penske, Chairman and CEO of Penske Media Corporation, lauded Sobrino-Stearns’ impact, stating, “From the pivotal moment of PMC’s acquisition of Variety, Michelle’s fearless leadership, creativity and dedication have been instrumental in transforming the brand into the powerhouse it is today.”

Leadership Transition: New Era for Variety

With Sobrino-Stearns’ departure, Variety will see a shift in its top business and editorial leadership roles:

• Dea Lawrence will ascend to Co-President and Publisher, taking on the lead business role. Lawrence, previously Chief Operating Officer and Chief Marketing Officer, has been crucial in driving growth across Variety’s digital, events, and branded content divisions, including expanding the live events portfolio and creating the Variety Content Studio.
• Ramin Setoodeh has been named Co-President, in addition to his current role as Co-Editor-in-Chief. He will assume greater responsibility for steering Variety’s strategic direction and expanding its editorial activities across various content and platforms, including video, podcasting, and international film festival programming.
• Cynthia Littleton will continue in her role as Co-Editor-in-Chief, jointly overseeing all newsgathering and editorial operations with Setoodeh. Littleton also co-hosts Variety’s “Strictly Business” podcast and launched the “Daily Variety” podcast.

Lawrence, Setoodeh, and Littleton will report directly to Jay Penske and Craig Perreault, PMC’s President of Media and Corporate Development.

Praise and Gratitude from Leadership and Colleagues

The announcement of Michelle Sobrino-Stearns’ departure has been met with widespread appreciation for her contributions. Jay Penske praised her unparalleled ability to innovate, elevate, and strengthen Variety with vision and passion, calling her “one of the most talented executives” he has worked with. Dea Lawrence expressed profound honor in her new leadership position and gratitude to Sobrino-Stearns, whom she referred to as her “mentor, partner and friend,” defining her as a “visionary.”

In a memo to Variety staff, Sobrino-Stearns conveyed her heartfelt gratitude, writing, “For 28 years, working alongside the most passionate, creative, inspiring people in the entertainment business has been the honor of a lifetime.” She highlighted that Variety thrives because of the talent and leadership of its journalists and publishing teams, and acknowledged Jay Penske’s “innovative vision, investment, and dynamism” in revitalizing the brand. She expressed satisfaction in entrusting the brand to the “exceptional leadership” of Lawrence, Littleton, and Setoodeh.

Sobrino-Stearns’ Next Chapter

Michelle Sobrino-Stearns is embarking on an exciting new chapter as a founding member of a startup fashion brand. This move represents a long-held aspiration to build a business from the ground up, applying her extensive experience in brand development and leadership to a new industry. Her official departure is set for November 17.

Conclusion

Michelle Sobrino-Stearns’ 28-year journey at Variety has left an indelible mark on the entertainment news landscape. Her transformative leadership has steered the publication through significant evolution, cementing its status as a global media powerhouse. As she transitions to an entrepreneurial venture, Variety looks towards a new chapter under the leadership of Dea Lawrence, Ramin Setoodeh, and Cynthia Littleton, who are poised to build upon her formidable legacy and continue to innovate within the dynamic entertainment industry.