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After 24 hours of speculation, Vice Media has confirmed that A&E Network's former CEO Nancy Dubuc will become the company's next CEO.

Dubuc takes the reins from founder Shane Smith, who will become executive chairman and focus on strategic deals and content development.

"Why Nancy Dubuc? Simply put, because rarely in business do you get to work in a perfect partnership," Smith said in a statement. "First off, she is better than me at everything. Second, it allows me toconcentrate on the only things that I am good atcontent and deals. Thirdly, as we go forward Vice needs a best-in-class management team to harness all of this growth and control our own destiny, whether it be staying independent, strategically partnering with someone or going public."

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