Photo Credit: Hugh Forrest for Penske Media
Former South by Southwest President Hugh Forrest says parent company Penske Media forced him out during an executive shakeup.
According to former South by Southwest (SXSW) President Hugh Forrest, leaving his role was not his choice. Instead, it was the decision of parent company, Penske Media, which now owns a 51% stake in SXSW.
“Leaving SXSW was definitely not my decision,” said Forrest in a statement. “I put my heart and soul into this event for more than 35 years—and I was looking forward to leading several more editions. To this end, I will be rooting big time for the Austin team going forward. The city, the country, the world needs the positive energy SXSW has traditionally provided, needs it now more than ever.”
Notably, his statement pushes back against Penske’s own about his exit. According to the publishing and events giant, its board elected Jenny Connelly to lead the Austin festival as its “director in charge.” This decision, they said, upset Forrest enough that he left the company. “When Hugh was told he was not going to get the CEO role at SXSW, and would be reporting to her, Hugh made the decision to leave SXSW,” reads a statement from Penske.
Forrest is one of 11 former employees who either left or have been fired by SXSW recently, including its veteran head of communications and its chief technology officer. Both their exits and the broader changes to SXSW were announced by Connelly on a video call last Friday.
According to The New York Times, SXSW did not meet Penske’s “ambitious” goals for the year—or in 2024. But the company has downplayed that assertion, focusing on this year marking “the highest ever sponsorship revenue in the history of the company.”
Penske Media acquired a 50% stake in SXSW in 2021, and it increased that stake by 1% two years later to take a controlling interest. Penske is the owner of Hollywood trade outlets such as Variety and The Hollywood Reporter.
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