The Condé Nast board of directors typically meets once a quarter. (Often in London, where Jonathan Newhouse is based, but not this time.) There were likely no surprises at the midyear review that took place in late July. Sure, some members of the board were frustrated by the messaging around Anna Wintour stepping back(ish)—not only to the public, but also to the board and the internal commercial team. Regardless of whether the maneuver was the first step in her ultimate succession—the very definition of a board matter, by the way—a cleaner rollout could have helped the business. The sales team would have already been in the market charging a premium for advertisers to support her final issues of American Vogue. Many people, including members of the revenue team, have felt that an opportunity was squandered by senior executives, who recommended against a formal announcement.