“This is a unique moment, and we felt we needed additional firepower to take it to the next level in an accelerated way,” co-founder Arianna Huffington tells WebNewser. “Standing still is not good.”
Huffington praised Morgan, who joined the site from CBSNews.com in October, 2007. The company raised $25 million from Oak Venture Partners in December. “We are at this moment when we can really capitalize on our growth and both accelerate monetizing traffic, which has grown six fold since Betsy became CEO,” she says. Morgan continues to be a significant shareholder in the company but gives up her board seat.
Hippeau, the former CEO of Ziff-Davis, begins his new job Thursday but his ties to the site go back to 2006. “He was the first to trust in what Huffington Post could become and invest in it,” says Huffington.