#Vice Media Group Co-CEO Hozefa Lokhandwala Steps Down

Hozefa Lokhandwala will step down as co-CEO of Vice Media Group. 

In a memo sent to employees Thursday, and obtained by The Hollywood Reporter, Lokhandwala said he was leaving the company to start his “next chapter.” Bruce Dixon, formerly the co-CEO alongside Lokhandwala, will be the sole CEO. 

“We are at a moment in time where the company is in a place with strong leadership and a new board, that I felt I could take this opportunity to leave and spend some time with my family and friends, before starting a new endeavor,” Lokhandwala said.  

Lokhandwala and Dixon took over as co-CEOs after the departure of Nancy Dubuc, who had been CEO since 2018. Her exit was followed by Jesse Angelo, global president of news & entertainment at Vice Media Group, who left to form his own company. 

The two left ahead of Vice Media Group filing for bankruptcy on May 15, 2023.  Vice also shuttered its flagship TV news show Vice News Tonight in April and laid off more than 100 staff and instituted widespread layoffs at its Vice World News division. The company was then acquired by a group of its former lenders, Fortress Investment Group LLC, Soros Fund Management and Monroe Capital. 

Lokhandwala has been at the company, which includes publications such as VICE.com and Refinery29 and VICE Studios, since 2018, when he worked as chief strategy officer. 

Full memo: 

VICE Team,

It’s been an incredible journey together, but today I am writing to you all to let you know that I have made the decision to leave VICE and my role as Co-CEO of the company.  I didn’t come to this decision easily.  As many of you know I live and breathe the brand, love the content we make and feel incredibly close to all the teams that make all of this possible, but I decided that it’s time for me to start on my next chapter.  We are at a moment in time where the company is in a place with strong leadership and a new board, that I felt I could take this opportunity to leave and spend some time with my family and friends, before starting a new endeavor.

I came to VICE in 2018 but I was not a stranger to the company.  I was a consumer, first picking up the magazine in the Stussy store when VICE first came to NYC.  I had participated in many of the “experiential events” in the early days in Brooklyn and followed its progress as it grew into its aspirations.  As an advisor to VICE, I helped start and finance a fledgling VICE Studios and worked on a number of other transactions for the company.  I took a leap to join VICE in 2018 as Chief Strategy Officer and never looked back.  We have gone through significant challenges as a company and there have been many tough things that we have faced together, but we did it as a team and through it all we continue to see the promise of what VICE is and can be.  We have accomplished a great deal together and while there is more work to do, it’s clear VICE is on the path for a stronger brighter future.  

I will miss our time together and as difficult as it is to say goodbye, I am excited to start on my next adventure and I know I can do that because of the leadership in place.  Bruce has been an incredible partner across the board and in him you have a strong leader to continue the work we have been doing to build a strong sustainable company for the future.  He loves this company and the people here. I feel thankful for his friendship and partnership through it all – you are truly in good hands.  

I want to take a moment to thank all of you at VICE for all your hard work and the effort you put into making this amazing place hum.  Work together, lock in and focus on the future opportunities – the best days are ahead of you.  Thank you to Bruce, Shane and the leadership team, with whom I have spent significant time working through it all.  Thank you to the Board who trusted and supported me and this team.  It’s been a privilege and a pleasure leading this company and with love and respect I wish you all incredible success for VICE’s future.

One,

Hozefa