CNBC boss takes bow

CNBC President and Chairman Mark Hoffman will be stepping down from his post at the helm of the 24-hour business news channel effective Sept. 12, it was announced on Tuesday.

Hoffman will be replaced by KC Sullivan, who had headed NBCUniversal’s global advertising and partnerships in London, CNBC said. Hoffman will stay on in a consulting role to assist in the transition, the news site reported.

Hoffman is credited with helming CNBC during a period of profitability, an impressive feat considering dwindling linear television audiences.