Richard Beckman—formerly head of the Conde Nast Media Group, which handles the company's biggest and most exclusive advertisers—is now the President and C.E.O. of Conde's Fairchild Fashion Group. That's a demotion. Backstory:

The Media Group was the victim of layoffs last week. Bad economy and fewer ad pages mean bad times and fewer employees. Beckman's also been publisher, at various times, of Vogue, GQ, and Conde Nast Traveler. Now he's gone from those prestigious perches, hobnobbing with the classy types, to overseeing WWD and Footwear News. THAT SMARTS. [Or maybe there's a better explanation? Email us.]

Perhaps this was just a subtle way to urge Beckman to start taking the subway with the other money-saving Conde types. [Pic via]