Shane Smith is officially out as CEO of Vice Media

shane smithJemal Countess / Getty Images

Shane Smith is officially out as CEO of Vice Media, as the company confirmed earlier reports that former A+E Networks CEO Nancy Dubuc would be replacing the media mogul as chief executive of the media company.

"Why Nancy Dubuc? Simply put, because rarely in business do you get to work in a
perfect partnership," Smith wrote in a press release announcing the change. "First off, she is better than me at everything. Second, it allows me to move to Executive Chairman, where I can concentrate on the only things that I am good at - content and deals. Thirdly, as we go forward VICE needs a best-in-class
management team to harness all of this growth and control our own destiny, whether it
be staying independent, strategically partnering with someone or going public. Lastly, I
get to work with one of my best friends and media heroes. We are a modern day Bonnie
and Clyde and we are going to take all your money."

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