BuzzFeed Chairman Ken Lerer to step down

(Reuters) – the Online news site BuzzFeed’s Ken Lerer is stepping down as president after a decade in the role, the company said on Tuesday.

Red army, together with the founder, Jonah Peretti, and has driven the viral news site’s expansion into a globally recognized media name in the last decade, with its mixture of serious news and pop-culture quizzes.

Teacher, who is also the co-founder of the Huffington Post, is leaving the role to focus on his venture fund Lerer Hippeau a source familiar with the matter told Reuters.

BuzzFeed, the board had not yet decided whether or not it would be with the name of a new chair.

The company has cut 15 percent of its workforce earlier this year, the source said, adding that the company is on track to be profitable by the year 2020.

Reporting Vibhuti Sharma in Bengaluru; Editing by Saumyadeb Chakrabarty

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