The CEO and COO of Elite Daily, a millennial news site acquired by The Daily Mail final year, are withdrawal a company

elite dailyElite DailyJonathon Francis and David Arabov.

The arch executive and arch handling officer of Elite Daily, the millennial news and lifestyle website acquired by The Daily Mail owners DMG Media for $40 million to $50 million in money final year, are withdrawal a company, Business Insider can reveal.

David Arabov, CEO and editorial director, and Jonathon Francis, arch handling officer, announced a news to staff on Wednesday morning. They will leave a association on Mar 31.

The departures were designed as partial of a acquisition.

The dual will be succeeded by Elite Daily’s VP of calm David Moss, who will demeanour after a editorial side of a business, while a company’s VP of product, technology, and insights Nicole Goksel will manage operations. Miguel Burger-Calderon will continue as Elite Daily’s president, obliged for promotion sales and strategy.

Arabov pronounced in a statement: 

When we sole Elite Daily to dmg::media in Jan 2015, we wanted to safeguard a association was in good hands and positioned for tellurian success as a heading media association for millennials.

Over a past 14 months, dmg::media has exceeded a expectations and invested significantly in a editorial group and blurb operation to safeguard Elite Daily will always offer millennials an online knowledge that is unequaled and ensures advertisers bond with this savvy consumer base.

Jonathon and we now feel a time is right for us to step down and entrust it to new leaders who will continue to make Elite Daily a go to website for millennials opposite a globe.

In a statement, Daily Mail owners DMG Media CEO Kevin Beatty said:

Under David and Jonathon’s leadership, Elite Daily has turn a second largest millennial website in a United States among a approach competitors, and fifth in altogether audience.

They determined a code that has resonated with millennials opposite a creation and dmg::media will continue their bequest to safeguard that a site continues as a voice of Generation Y. 

I would like to appreciate them both for their poignant grant and use and wish them good as they pierce on to new opportunities.”

Elite Daily had an assembly of 24.5 million singular visitors in February, according to comScore. The association mostly grew a assembly by Facebook though saw a thespian 38% dump in trade in 2015 as a amicable network switched a algorithm’s concentration to video, Digiday reported, citing comScore figures. Digiday reported that Elite Daily has stretched a video group from 7 to 35 in a past year and a latest comScore total seem to uncover that its traffic has given stabilized.

The company, founded in 2012 by Pace University undergrads Arabov, Francis, and their crony Gerard Adams, had lifted around $2.1 million in appropriation before to a merger by The Daily Mail.