Tom Wallace and Condé Nast 'Love' Their 'Ingenious Editor' Joanne Lipman

It’s on the record now.

Conde Nast editorial director Tom Wallace gave the company’s loudest and most forceful public support for Joanne Lipman, the editor of Portfolio. In a story in today’s Women’s Wear Daily written by Stephanie Smith, Wallace says the following: that the company "love[s]" Joanne Lipman; that she’s an "ingenious" editor; that she’s absolutely safe in her job; that the company is "extremely pleased" with the magazine.

Here are the choice moments:

  • "We love her. She’s an ingenious editor and a capable manager. She’s produced a magazine that’s engaged her audience and won the respect of the industry it covers and the respect of its peers."
  • "[Portfolio] was nominated for a National Magazine Award…that ain’t nothing."
  • As for the people who are counting the days until Lipman’s dismissal, Wallace responded: "I hope they can count to a very high number."
  • "We’re extremely pleased with Portfolio. It is all or more than what we hoped it to be and the same is true of our Web site. The newsstand sales and subscription growth are right where we want them to be, the ad side is tracking to solid growth and the size and performance of the Web site are way beyond what we expected."
  • "I don’t remember anybody saying Sir Harry Evans [Traveler‘s then editor in chief] was a weak manager or a poor judge of talent."
  • Reports speculated the magazine was losing $5 million a month…Wallace denied the $5 million figure, saying it was too high.