CNBC Boss Mark Hoffman Steps Down

CNBC boss Mark Hoffman is stepping down, he announced on Tuesday.

Hoffman has served as president of CNBC since 2005 and chairman since 2015, and will step down from the network in September, he told employees in a memo.

KC Sullivan, who once led CNBC's international businesses and served as a senior sales executive for the company, will step in as Hoffman's replacement, becoming CNBC president on September 12.

Despite his departure, Hoffman has agreed to "continue at the company to help with the transition," according to his memo.

"I'm humbled and grateful to have had this time with all of you and so proud of what we have done together. No matter where life takes me, professionally and personally, I'll be rooting for CNBC!" wrote Hoffman.

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