Henry Blodget is stepping down as chief executive of Insider, a business news-focused website he co-founded in 2007 that has undergone many reinventions.
The sudden change comes amid a broader shakeup at the publication, which includes returning to its former name of “Business Insider” as it shifts its focus away from general news and lifestyle content and rebrands with a new logo.
Blodget will be succeeded as CEO by Barbara Peng, the company’s president since 2021. In a statement, the company said she “played a pivotal role in skillfully steering Business Insider through the challenges of a pandemic and the sharp downturn in the advertising industry, while simultaneously fine-tuning Business Insider’s strategy.”
Blodget, a former analyst who was charged with civil securities fraud in 2003 and barred from the securities industry, isn’t leaving Business Insider. He will serve on the company’s board moving forward.
The publication was originally named “Silicon Alley Insider” when it was launched in 2007, focusing on coverage of the New York business community, before changing its name to Business Insider two years later. In 2015, German media giant Axel Springer acquired the company for $343 million. A general news website called “Insider” was launched a year later.
In 2021, the website dropped “Business” from its name, merging the general news site with the business news, in an attempt to broaden its audience and capture more ad revenue, along with a subscription offering.
Earlier this year, Insider employees unionized ending a two-year battle with management that included a 13-day strike.
A return to Business Insider “reaffirms our center of gravity around business, tech, and innovation,” Peng wrote. “We are embracing our roots and focusing on what we’ve done best — storytelling that’s fascinating, unexpected, and always helpful.”
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