Total loans grew $2.4 billion, or 3.5%, from the prior year to $72.4 billion. Credit card loans grew $1.8 billion, or 3.1%, to $57.9 billion and Discover card sales volume increased 2.6% from the prior year or approximately 5% excluding gas purchases. Total net charge-off rate excluding PCI loans decreased 7 basis points from the prior year to 2.11% and the total delinquency rate excluding PCI loans over 30 days past due increased 1 basis point from the prior year to 1.67%. Reserve build was $126 million in the quarter, up $24 million from the prior year. Payment Services transaction dollar volume for the segment was $45.9 billion, down 10% from the prior year.
Hearst Magazines today announced a series of promotions across several of its brands, continuing the organization’s evolution toward a more unified approach to sales and marketing. The announcement was made by Hearst Magazines President of Marketing and Publishing Director Michael Clinton.
New business leadership roles, reporting to Clinton:
•Nancy Berger is named senior vice president, publishing director/chief revenue officer, overseeing Cosmopolitan, Women’s Health and Seventeen. Berger, who was most recently vice president/publisher and chief revenue officer of Marie Claire, led the brand to new heights through first-to-market programs, including Marie Claire @Work, SHOES FIRST™, Power Trip and The Next Big Thing Concept Shop. Berger joined Hearst Magazines in 2009 after serving as vice president/publisher of Allure for eight years and vice president/publisher of Gourmet. She succeeds Donna Kalajian Lagani, who, as was announced, is joining the Hearst Foundations.
•Jennifer Levene Bruno, vice president, publishing director/chief revenue officer of Town & Country, adds oversight of House Beautiful, VERANDA and ELLE DECOR to her responsibilities. Bruno has led the business and marketing of Town & Country since 2012, during which time she grew the brand with innovative programs, including the Town & Country Philanthropy Summit, T&C Travel Guides and the T&C Jewelry Awards. Prior to that, she was publisher of VERANDA and was associate publisher of House Beautiful. She succeeds Kate Kelly Smith who, after successfully leading the Hearst Design Group for more than eight years as senior vice president, publishing director and chief revenue officer, is retiring from Hearst Magazines in early March.
•Kevin O’Malley, senior vice president, publishing director/chief revenue officer of ELLE, adds oversight of Marie Claire to his responsibilities. O’Malley joined ELLE in 2011 and has led the brand to record-breaking revenue growth, playing a pivotal role in ELLE’s evolution into a 360-degree, multi-channel brand with programs like “The Women In…” series. Previously, from 2003 to 2011, he was vice president, publisher and chief revenue officer of Esquire.
•Blair Hecht is named publisher of Marie Claire. Hecht was most recently associate publisher of ELLE, where she managed the sales team for the past seven years, leveraging the brand’s industry-leading print and digital channels to drive revenue. Previously, she served as associate publisher of Teen Vogue, Allure and Gourmet. Before that, she held several senior-level roles at Hearst Magazines, including associate publisher of Town & Country and advertising director of Marie Claire.
“We have extraordinary talent within our organization—Nancy, Jenn, Kevin and Blair are true brand leaders, with imagination and determination that inspires teams and drives business forward,” Clinton said. “This is the moment for them to have an even greater impact, sharing their expertise and innovative thinking across our brands.”
“Donna and Kate are two of our industry’s shining stars,” Clinton said. “We thank them for their significant contributions, extraordinary leadership and consummate professionalism, all of which position the businesses they stewarded for the future, and we wish them the very best, as they pursue their next chapters with the same passion they gave to Hearst Magazines.”