Mark Hoffman CNBC Salary and Net Worth - Why Is He Resigning?

KC Sullivan will return to CNBC to replace Mark Hoffman as CNBC’s new president. ( Source : Cnbc )

Mark Hoffman, who has served as CNBC's chairman since 2015 and president since 2005, revealed on Tuesday that he would retire on September 12.

Starting on September 12, KC Sullivan will rejoin the network and take on the role of president. The most recent position held by Sullivan, who will be reporting to Conde, was president and managing director of NBCU Global Advertising and Partnerships, which is situated in London.

Prior to this, he served as CNBC International's president and managing director, the news organization's chief financial officer, and CNBC's CFO. He spent nine years working at General Electric before joining NBC.

Mark Hoffman, an experienced broadcaster with more than 30 years of experience and numerous awards, was appointed Chairman of CNBC in April 2015. He also serves on the executive committee of NBCUniversal. 

CNBC: Mark Hoffman Salary and Net Worth

Mark Hoffman began working for CNBC in 1997, rising to the positions of president and chairman of the network in 2005 and 2015, respectively.

Conde was chosen in 2020 to head a newly established NBCU newsgroup, with CNBC falling under his remit. Hoffman oversaw CNBC, while Andrew Lack previously led NBC News and MSNBC.

According to Comparably, the average CNBC executive salary is $211,436 per year. Including base pay and bonuses, the typical anticipated compensation for executives at CNBC is $213,389, or $102 per hour. The highest-paid executive at CNBC earns $518,000 a year, while the lowest-paid earns $50,000.

Ipsos surveys show that CNBC TV has consistently ranked first among all business news platforms in reaching Americans who earn more than $125,000 annually.

Mark Hoffman became CNBC President in 2005 ( Source : Nbcnews )

We believe that Mark might earn in the range mentioned above. However, his net worth is still under review. 

Even though millions of Americans cancel their subscriptions to linear cable TV each year, CNBC remains one of NBCUniversal's most consistently profitable assets.

Hoffman, 65, has improved CNBC's profitability in 16 of his 17 years as CEO. A person knowledgeable of the situation predicts that CNBC will increase its profits in 2022.

Why Is Mark Hoffman Resigning? 

Mark Hoffman is voluntarily departing. NBCUniversal appointed Cesar Conde in May 2020 to head NBC News, MSNBC, and CNBC to provide the organization with more centralized leadership.

Hoffman's tenure at CNBC for 17 years is impressive. Hoffman will be replaced by Fox News CEO Suzanne Scott, who has been in that position since 2018, and NBC News president Noah Oppenheim, who has overseen the division since 2017.

When he rejoined CNBC in 2005, he immediately attempted to buy a 25% stake in CNBC World and 50% equity stakes in CNBC Europe and CNBC Asia from Dow Jones.

Hoffman increased the reach of CNBC on television and focused on expanding the company's digital operations after gaining financial control over its international properties.

The number of unique monthly users of CNBC.com has increased from 30 million to nearly 200 million over the last six years, a 6-fold increase.

Mark Hoffman Wife 

As per reports, Mark Hoffman is married. In addition, he has three sons.

Hoffman has a B.A. in Sociology from the University of California, Berkeley, and an M.A. in Journalism from the University of Missouri. Beginning in August 2001, Hoffman worked as President and General Manager of WVIT, an NBC-owned and operated station in Hartford, Connecticut, until returning to CNBC.

He left CNBC, where he held the positions of Vice President and Managing Editor for Business News, acting President and Managing Director for CNBC Europe, to join WVIT.

Hoffman has extended the contracts of well-known TV figures including Jim Cramer, Becky Quick, Joe Kernen, David Faber, Carl Quintanilla, and Andrew Ross Sorkin to keep CNBC's position as a reliable news source, particularly for more affluent Americans.

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