MUMBAI: Steve Forbes will be replaced by media veteran Mike Perlis as CEO and president of Forbes Media. Perlis will also take over executive duties from Steve’s brother Tim Forbes, who was the chief operating officer.

Steve Forbes will now be the chairman of the board and editor-in-chief of the privately held magazine. Tim, on the other hand, will be chairman of Forbes Digital and will be a member of the company‘s board.  
     
  In his previous stints, Perlis was a general partner at SoftBank Capital and had been chairman and CEO of IDG Peterborough, the publisher of Gentleman‘s Quarterly.

Forbes Magazine has a circulation of over 900,000 and its website receives approximately 18 million monthly visits.

This is the second time Perlis has been recruited for a job at Forbes. Earlier he was courted to run for Forbes, but opted to join SoftBank.