UPDATE 1-BuzzFeed Chairman Ken Lerer to step down

Online news website BuzzFeed's Ken Lerer is stepping down as chairman after a decade in the role, the company said on Tuesday.

Lerer, along with founder Jonah Peretti, has driven the viral news website's expansion into a globally recognized media name over the past decade with its mix of serious news reporting and pop culture quizzes. Lerer, who also co-founded the Huffington Post, is leaving the role to focus on his venture fund Lerer Hippeau https://www.lererhippeau.com/team, a source familiar with the matter told Reuters.

BuzzFeed's board had not yet decided if it would name a new chair. The company cut 15% of its workforce earlier this year, the source said, adding that the company was on track to become profitable in 2020. 

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