CNN  — 

Bob Sauerberg will step down as chief executive of Condé Nast, the company announced Tuesday, a move that comes amid other significant changes for the storied publisher.

In Sauerberg’s place, the company will hire a global chief executive to run both Condé Nast and Condé Nast International, two entities that had previously been overseen by separate CEOs. And as part of that reshuffling, Jonathan Newhouse will step down as CEO of Condé Nast International and assume the role of chairman of the board of directors.

The news was first reported by the Wall Street Journal.

In a memo sent to staff on Monday morning, Jonathan Newhouse and Steve Newhouse, chairman of the digital arm of Condé parent company Advance Publications Inc., said that their “aspirations are no longer best served by our historical structure of running two separate companies.”

“Our brands have worldwide influence and impact, and our business is increasingly becoming more global, as we continue to innovate in video, agency, conferences, consumer products, data and other brand-aligned projects,” they said. “We have concluded that the time is right for us to combine our U.S. and international companies to realize the full potential of Condé Nast for our audiences and our business partners.”

Sauerberg, who has been at Condé Nast for 18 years and served as CEO for the past eight, will stay on board “until the transition is completed, and then will leave to pursue other opportunities,” the company said. Condé Nast owns nearly two dozen magazines, including Vogue, Vanity Fair and the New Yorker.

In August, Sauerberg offered a plan to get Condé Nast back on track toward profitability, a strategy he said could involve layoffs.

“We’re going to manage our costs as we continue to invest,” he told the Wall Street Journal at the time. Sauerberg also revealed plans to put three Condé titles – Golf Digest, W and Brides – up for sale by the end of the year. At the time, Steve Newhouse said that Condé’s board backed the strategy, telling the Jounral that the company was “prepared to go through a difficult transition because we see value being created.”

In their memo Tuesday, the Newhouses thanked Sauerberg “for his willingness to lead the company through the transition.”