Former SXSW President Confirms Forced Exit by Penske Media After 35-Year Tenure
Former South by Southwest (SXSW) President Hugh Forrest has revealed that parent company Penske Media forced him out during a recent executive restructuring, contradicting the company's official statement about his departure.
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"Leaving SXSW was definitely not my decision," Forrest stated, noting his 35-year commitment to the event. "I was looking forward to leading several more editions."
Penske Media, which owns a 51% controlling stake in SXSW, claims Forrest left voluntarily after the board appointed Jenny Connelly as director in charge and informed him he wouldn't receive the CEO role. The leadership change came amid the departure of 11 other SXSW employees, including the head of communications and chief technology officer.
While The New York Times reported that SXSW failed to meet Penske's "ambitious" goals, the company emphasized that 2024 marked "the highest ever sponsorship revenue in the history of the company."
Penske Media initially acquired a 50% stake in SXSW in 2021 before increasing it to 51% two years later. The company also owns major entertainment industry publications including Variety and The Hollywood Reporter.
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