Forbes Media has announced Mike Federle as its CEO. Federle succeeds Mike Perlis, who is stepping down as CEO after seven years. Perlis will serve as vice chairman and strategic advisor to management and the board. These changes are effective from January 1.

Since July 2016, Federle has served as Forbes Media’s president and COO with responsibility for the company’s media business, its intersection with new businesses, content creation, editorial, product development, sales, marketing and corporate functions. In his new role, he leads the organisation and company performance, strategic planning and worldwide growth.

“Mike Federle is ideally skilled to continue to lead Forbes’ evolution as a global technology-driven media and branding business,” says Perlis. “He brings to his new role experience of over 25 years as a leader in the media industry and a demonstrable track record of success at Forbes.”

Ferdele says, “I’m thrilled and honoured to have the opportunity to lead this storied brand and dynamic company. I’m grateful to Mike Perlis and the board for placing their trust in me.”

“Forbes has been on the forefront of innovation and growth in the media world. It has a talented and seasoned team and, together, we look forward to driving our global expansion and continuing to realize the enormous potential of the Forbes brand and business.”

Prior to joining Forbes Media, Federle served as publisher of Fortune magazine and group publisher of the Time Inc. Business and Finance Network, which included media properties such as Fortune, Money, Business2.0 and CNNMoney.com. He co-founded Techonomy Media Inc., and served as its president and COO.