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Time Warner appoints new finance chief from Time Inc

July 22 | Mon Jul 22, 2013 11:02am EDT

July 22 (Reuters) - Time Warner Inc named a new chief financial officer on Monday, promoting the executive Howard Averill from its magazine unit that it plans to spin off later this year.

Averill, 49, served as Time Inc's chief financial officer since 2007. He replaces John Martin, who is taking over as CEO of Turner Broadcasting, the unit of Time Warner that oversees cable channels such as TNT, TBS and CNN.

A spokesman said Time Inc will begin a search for a new CFO.

Averill had been named in media reports as a potential candidate to be CEO of Time Inc. Time Inc owns magazine titles such as People, Sports Illustrated and Time. Time Warner intends to spin off the unit into an independent publicly traded company by the end of the year although it has not revealed any financial details about that plan.

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