Worth publisher Patrick Williams has jumped from his perch at Sandow Media to join Amanda Steinberg’s DailyWorth.com, a subscription newsletter aimed at young women.
He will be its first CEO.
Steinberg started the subscription-supported daily newsletter in 2009 with backing from friends and family before landing about $1 million in venture backing from TomorowVentures and David McLure’s 500 startups.
Steinberg served as the de facto CEO before hiring Williams. Jennifer Barrett, a former top editor at Newsweek, and more recently Hearst, where she was the general manager of the websites of Cosmopolitan, Redbook and Seventeen, is the editor-in-chief.
Williams is charged with bringing in more wealth-oriented advertisers — but unlike his last gig that had a predominantly upscale male audience, this venture skews younger and entirely female.
“It’s all about empowering women,” he said. “It’s one of the biggest untapped markets in the wealth management field.”
So far, it seem to be working.
“Last month was the first profitable one in the company’s history,” said Williams, who said he expects to boost the subscription base by 25 percent, to 1 million, by year end.
Williams said he has an equity stake in the new venture, which was one reason he left Worth after five-and-a-half years.
Earlier he had been an associate publisher on the launch of Portfolio, which burned through about $100 million before Condé Nast pulled the plug in 2009. Williams had jumped about a year before its demise to the publisher’s job at Worth.