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Newsweek/Daily Beast Names Baba Shetty as CEO, Replacing Colvin

Newsweek/Daily Beast Co., the news business controlled by Barry Diller’s IAC/InterActiveCorp, named Baba Shetty as its next chief executive officer, replacing Stephen Colvin.

Shetty, chief strategy and media officer at Boston-based advertising firm Hill Holliday, will start in three weeks and report to Editor-in-Chief Tina Brown and the Newsweek/Daily Beast board, the company said today. Colvin, who joined the Daily Beast before its merger with Newsweek in 2011, is leaving for Lerer Ventures, a New York investment firm.