Lola Digital Media Announces Eric Phung as CEO
New leadership to accelerate 2021 strategies, including acquisitions and ‘bold goals’ for growth
LOS ANGELES, March 17, 2021 — Lola Digital Media today announced the appointment of Eric Phung as Chief Executive Officer. The Board of Managers named Phung to succeed Benjamin Carpel, who will remain as a Board member.
Phung leads a growing team of editors, managers, and senior staff who oversee a portfolio of 16 owned digital properties. Lola’s Lifestyle and AllGear divisions collectively reach millions of readers and span topics from automotive and the outdoors, to men’s lifestyle, pop culture, and health.
“Since joining the company as CFO in 2018, Eric has consistently demonstrated a commitment to Lola’s mission of building best-in-class media sites,” said Vipul Patel, Chairman of the Board. “His creativity, coupled with a deep financial expertise, has led to significant growth of the company’s content-commerce and editorial strategies.”
In addition to the CEO role, Phung will continue in his current position as Chief Financial Officer and Board member. A reorganization of the leadership team under Phung will include new hires and internal promotions in a goal to accelerate growth throughout 2021.
“I am incredibly excited to work with our talented team to expand the company’s position in the digital-media space,” said Phung. “We have an amazing opportunity to make bold moves and become the leader in publishing expert content for passion-driven audiences.”
Phung is based in Los Angeles. He grew up in Minnesota and attended Boston College before spending a decade in the world of finance and investment banking with BlackRock, Tennenbaum Capital, and Houlihan Lokey. That experience led to the opportunity of serving as CFO during Lola’s initial growth.
Said Carpel, “Leading Lola over the past few years has been an immensely rewarding experience. After forming Lola with Eric and working with him over the years, I have the utmost confidence in his ability to take the reins and lead Lola to new heights.”
For 2021, Phung said he will continue to lean into the principles that distinguish Lola, including its focus on journalism, expert-driven content, strong audiences, and world-class brands.
He noted the company is at an inflection point. “We are coming out of 2020 stronger, more than doubling in size, and in a position, to be an industry leader. I can’t wait to help lead that charge.”
ABOUT LOLA DIGITAL MEDIA: Lola Digital Media owns and operates best-in-class media brands that fuel readers’ passions. Based in Los Angeles, the company was founded in 2018 and runs a portfolio of digital publications and media brands across its AllGear and Lifestyle divisions.