The association eliminated 39 positions this afternoon, and will retain 43 staffers. According to Jennifer Saba of Editor & Publisher, association president and chief executive officer John Sturm told staffers through a memo that the steps were necessary and were taken at the direction of the board. "To be direct, industry economics compelled this round of staff reductions - to ensure we remain an affordable value to our members," he wrote.
The last print edition of Presstime will be the May 2009 issue but the NAA will continue to publish a digital form. "Continuing the Presstime mission online is part of the transformation very much in line with the changes our members are making to their own businesses," spokesperson and Presstime publisher Su-Lin Cheng Nichols said.
The brutal environment has caught many in the industry off-guard with unprecedented advertising revenue declines. "As it is clear from news coverage of the first quarter financials, this downturn is sharper and more severe than anyone saw coming even six months ago," Sturm wrote. "Unfortunately, no one has suggested that the bottom has been reached yet."
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