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Elken joins SourceMedia; CEO Manoni outlines changes

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New York—SourceMedia, publisher of American Banker, announced Thursday that Karl Elken has joined the firm as exec VP-managing director of the company’s banking and capital markets group.

Elken most recently was senior VP-sales at Taunton Press. Previously, he spent nine years as an executive at Ziff Davis Media.

With Elken’s hiring, SourceMedia has made some “relatively small changes in the organization,” SourceMedia CEO Doug Manoni said. The company has merged its banking and capital markets groups under Elken. Exec VP-Managing Director Bruce Morris will lead the professional services and business technology groups, which have also been merged.

Manoni said the moves were made to continue fostering the growth SourceMedia has experienced this year. In addition to these moves, Manoni said, SourceMedia is launching a training and education business under Robert Gulick.

Additionally, the company is launching a “data-supported research and analysis business,” said Manoni, who took over as CEO of SourceMedia earlier this year. He said the company’s growth so far in 2010 has allowed it to restore 50% of the pay cut that was instituted last year.

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