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Beatriz Acevedo - Herb Scannell - mitu

Mitú founder Beatriz Acevedo and CEO Herb Scannell exit company amid reorganization and layoffs

July 26, 2018 by Veronica Villafañe

Seeking “profitability over growth,” Latino digital media company mitú has laid off about 30% of its staff and set in motion a reorganization plan that includes a change in leadership.

Beatriz Acevedo, president and founding partner of mitú, and CEO Herb Scannell, have stepped down from their management positions. Acevedo will continue to have a seat on the company’s board of directors and remain an advisor.

Mark Suster, managing partner at Upfront Ventures and mitú’s largest investor, says the company will try to place those laid off in other positions, but contends the changes are a necessary response to market conditions.

“We are doing tens of millions in revenue and have grown 450% over the past four years,” he says. “Unfortunately, the market now favors profitability over growth so we’re focused on hitting break-even in 2019 and that required some pragmatic cuts.”

The company has not named an interim CEO.

You can read more details about how mitú will be run in the meantime in Forbes.

Filed Under: Digital Tagged With: Beatriz Acevedo, MiTu

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Veronica Villafañe, Editor & Publisher

Emmy award-winning journalist and former president of the National Association of Hispanic Journalists (NAHJ). Currently a reporter for Voice of America, she has worked as an on-air reporter, anchor, writer and producer for Spanish and English-language TV, print and online media, including Univision, Telemundo, Fox 11 News in L.A. and the San Jose Mercury News.

Hispanic media and entertainment contributor to Forbes.

Full bio here
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