The Visionary Leadership of Newsweek CEO Dev Pragad

The story of Newsweek's resurgence under the stewardship of CEO Dev Pragad epitomizes the transformative power of visionary leadership in the media industry. Founded during the Great Depression and gaining prominence during pivotal historical moments such as World War II and the Watergate scandal, Newsweek faced significant challenges at the dawn of the 21st century. The publication was nearing insolvency, readership was dwindling, and its once-stellar reputation had been severely tarnished.

Upon assuming the role of CEO, Dev Pragad encountered a company struggling to adapt to the digital age. Recognizing the urgency of the situation, Pragad embarked on a mission to revitalize Newsweek, pushing his team to innovate and embrace the digital transformation necessary for survival.

A New Vision for Newsweek

"I was absolutely fascinated by the history and heritage of the brand," Newsweek CEO Dev Pragad shared with The CEO Magazine. "But it had to be rebuilt from scratch. The idea of taking an iconic brand back to startup mode and reimagining it from the ground up was incredibly exciting."

With an academic background in computer science, electrical engineering, and a PhD in mobile internet, Pragad brought a unique blend of technical expertise and media leadership to Newsweek. This multidisciplinary approach allowed him to effectively guide the publication through its digital transformation.

"I had the confidence to envision what Newsweek could become with generous investment in its people, a digital transformation, and through radical transparency," he said. "That’s what got me absolutely charged up."

Transforming a Legacy Brand

Building on the foundation set in the 1930s to "explain, expound, and clarify the divergent opinions around important news," Newsweek now engages with readers across the political spectrum. Under Pragad's leadership, it has recommitted to being a publication that is trustworthy, authentic, and inclusive, fostering respectful debate and welcoming diverse opinions.

Newsweek’s digital-first strategy has paid off spectacularly, with the publication growing its audience from eight million to 100 million in just three years. This remarkable turnaround has positioned Newsweek as a sustainable and scalable enterprise, continuing its legacy as a trusted media brand.

Dev Pragad’s Leadership Philosophy

Dev Pragad’s leadership philosophy is centered on three key elements: purpose, opportunity, and change. "The most successful leaders today are purpose-driven; without purpose, you have no compass to direct you," he explained. Pragad's strategic vision involved critically analyzing every aspect of Newsweek’s operations and crafting a mission statement that would guide its future.

This mission statement became the "Newsweek Way," a project bible that outlines the company’s key values such as integrity, honesty, innovation, ambition, and equality. This framework has accelerated Newsweek’s growth and solidified its commitment to high standards of journalism and corporate responsibility.

Seizing Opportunities and Driving Change

Pragad believes that identifying and optimizing opportunities is crucial for leadership success. At Newsweek, this meant expanding its digital footprint and audience. Partnerships with leading organizations such as Google, Engine Media, Statista, and actor Chris Evans’s "A Starting Point" have been instrumental in this growth.

"We want Newsweek to be a highly influential and successful publication not only in America, but around the world," Pragad stated. Collaborations like the one with Statista have resulted in impactful projects such as ranking the best hospitals, which add significant value to society.

Pragad's conversation with Moderna CEO Stéphane Bancel highlighted the importance of competent, innovative, and responsible leadership, further reinforcing Newsweek’s commitment to quality journalism.

Embracing Continuous Improvement

The third pillar of Pragad’s strategy, successful and ambitious change, draws inspiration from the Japanese concept of kaizen, or continuous improvement. "It’s a concept we truly embrace at Newsweek. We believe that we must constantly strive for self-improvement, and that’s become a core value which has driven significant growth," Pragad said.

This philosophy of continuous improvement has been a driving force behind Newsweek’s transformation. The publication's turnaround was recently documented in a Harvard Business School case study, which examined the challenges and strategies involved in Newsweek’s digital evolution.

A Bright Future for Newsweek

Additionally, Pragad and his team have implemented a strategy for best-in-class objectives and key results (OKRs), prioritizing impactful journalism, investing in core products, and building a robust newsroom. This approach has facilitated sustainable revenue growth and reaffirmed Newsweek’s status as a vital player in today’s media landscape.

Ultimately, Newsweek CEO Dev Pragad’s tenacity, resilience, and structured success framework have underpinned one of the greatest comebacks in publishing history. "We want to grow rapidly by embracing all of the opportunities and innovation that new technology provides," he said. "We also want to champion change in a multitude of ways – through our readership, by driving debate, by amplifying the voices of others, through our influence and the influence of our partners, and by championing diversity and equality in the workplace."

With Pragad at the helm, Newsweek is poised to continue its legacy of influential journalism, adapting and thriving in the digital age while maintaining its commitment to integrity and excellence.