Veteran CNBC chief Mark Hoffman is leaving the network after 28 years, with London-based executive KC Sullivan replacing him early next month, the network said on Tuesday.

Hoffman was named president of the financial news network in 2005 and elevated to chairman in 2015.

“During his tenure, CNBC became a world leader and every year it has grown better and stronger,” said Cesar Conde, chairman of the NBCUniversal News Group.

Sullivan, who begins as CNBC president on Sept. 12, is currently president and managing director of global advertising and partnerships at NBCUniversal, and has been based in London. He was in executive roles at NBC and CNBC for the decade before that.