COMPLIMENTS New Conde Nast group publisher David Carey, elevated from Portfolio, is either the most well-liked person at the company, or the most feared. [Romenesko]

GOOD LUCK WITH THAT Men's Vogue editor William Li was named the new publisher of Portfolio. Li replaces David Carey, who recently became Fairchild Fashion Group chief, replacing Mitchell Fox. This seems like a big game of musical chairs, and we have a feeling someone's going to end up without a seat. [FishbowlNY]

Portfolio publisher David Carey responds to allegations that the magazine's in trouble and puts the recent onslaught of senior editorial departures in perspective: "Even [editor-in-chief Joanne] Lippman's well-publicized falling out with some high-profile staff members is overblown, he says. The magazine has a staff of 150, and only eight have left. Portfolio, he says, has one of the lowest turnover rates in the company."

Point taken, though we are talking about a list that includes Glamour and Vogue. Meanwhile, we can't wait to see what kind of spin Carey puts on it when Lipman's number is up. Then again, she would only be the ninth person to leave. Which, according to Carey, means there's absolutely nothing to worry about. [WaPo]