Baba Shetty has been named Newsweek/Daily Beast's new CEO.

The company made the announcement in a statement, obtained by The Huffington Post, on Wednesday. Shetty, currently the chief of strategy and media at the advertising agency Hill Holliday, starts his new role in October.

"We collaborated on our very successful Newsweek Mad Men issue together and forged a terrific creative relationship," editor-in-chief Tina Brown said in a statement. "He is extremely gifted at brand and digital strategy, is a strong leader, and is the perfect partner for the next phase of The Newsweek Daily Beast Company and our expanding live events business."

He will take over from Stephen Colvin, who was president of the Daily Beast and later became CEO when the site merged with Newsweek. Meanwhile, Colvin has joined Lerer Ventures — whose investments have included The Huffington Post — as an executive-in-residence.

The switch-up comes as Newsweek/Daily Beast charts a new course. The Harman family, which previously owned a 50 percent stake in the two publications, withdrew much of its funding earlier this year. IAC chairman Barry Diller said that the company was exploring all its options and would have a plan for the next year firmly in place by September or October.

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