CNBC Chairman Mark Hoffman to step down in September

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Mark Hoffman, CNBC's president since 2005 and chairman since 2015, announced Tuesday he will step down on Sept. 12.

Hoffman is leaving ofhis own accord. NBCUniversal hired Cesar Conde to oversee NBC News, MSNBC and CNBC in May 2020 to bring more centralized leadership to the group.

KC Sullivan will return to replace Hoffman as CNBC's new president. Sullivan has spent the last two years as president and managing director of NBCUniversal's global advertising and partnerships, based in London. Before that, he was president and managing director of CNBC International and CNBC's chief financial officer.

Sullivan will return to the U.S. for his new role. Hoffman will stay on as a consultant through the transition, Conde wrote in a note to NBCUniversal employees.

«Mark has overseen the steady continued growth of CNBC as the world's #1 business and money news brand,» Conde said. «No business news organization comes close to the reach and influence of CNBC, a true testament to Mark's leadership.»

CNBC is one of NBCUniversal's most consistently profitable assets, even as millions of Americans drop linear cable TV subscriptions each year. Hoffman, 65, has increased profitability at CNBC in 16 of his 17 years running the company. CNBC is set to grow its profitability again in 2022, according to a person familiar with the matter.

«We are in the business of business so it's important to note we've never been more profitable, setting record after record in financial performance, year after year, as we maneuvered through economic cycles, exogenous events and the historic secular change that accompanied the information age,» Hoffman said in a note to CNBC employees.

Hoffman first joined CNBC in 1997 before leaving in 2001