United States – Monday, a cryptocurrency startup, paid Keith Grossman, Time president, to be the company’s president, effective December 31. He will have to leave his legacy as a publisher to take on a new responsibility.
Keith Grossman, the president of Time magazine, has to leave his legacy as a publisher to start a new role as the lead of Monday, a cryptocurrency startup, with an effective date of December 31.
Grossman has been part of Time magazine since 2019, a year after Marc Benioff, the founder of Salesforce, and his wife Lynne acquired Meredith Corporation’s magazine brand for $190 million.
Grossman became a steadfast advocate of Blockchain and cryptocurrency during his term at Time, pioneering the NFT business of the company TIMEPieces and producing over $10 million in revenue.
Grossman stated that he spent the last year operationalizing it and thinks the transition will be terrifying since it’s something different and new. However, it’s stable at the same time in another sense since they consistently stated that stewards lead TIMEPieces, not founders.
Grossman held leadership roles at big publishers, including Wired, Conde Nat-owned, and Bloomberg, before spending three years at Time. The chief brand officer of Time, Maya Draisin, will manage TIMEPieces as Grossman starts transitioning out of his lead role in Time to Monday. He will focus on the NFT business of Time once Ian Orefice becomes Time’s chief operating officer and president, as per Time’s spokesperson.
Edward Felsenthal, the CEO of Time, revealed that he was moving down as the CEO, but he stayed in the editor-in-chief position and executive chairman. Jessica Sibley, Forbes’s chief operating officer, will be Time’s CEO.
The pitch of Monday to investors is that this cryptocurrency startup provides a gateway to virtual assets. It includes Ether, Bitcoin, and other virtual assets, like non-fungible tokens or NFTs. The FTX crisis had a swell effect on the industry, connected with the market volatility of this year and the risk-off environment for shareholders.
Grossman stated that it’s crucial to pull out a bad actor from the industry about FTX. Aside from FTX, there are also bad actors in the cryptocurrency industry. On the other hand, some companies provide positive impacts that will give clarity to big companies to get into the industry.
Ivan Soto-Wright, the CEO and co-founder of Monday, stated that the company doesn’t have any significant exposure to FTX. However, he stated it’s an inflection point for the cryptocurrency industry, impacting all players.