| NEW YORK
NEW YORK Feb 4 Time Inc Chief Executive Officer
Joe Ripp is reorganizing the structure of the world's largest
magazine publisher and consolidating oversight as it prepares to
spin off from its corporate parent Time Warner, according to a
memo to staff on Tuesday.
Time Inc is eliminating three operating units - sports and
news, lifestyle and entertainment - that divided its stable of
titles such as popular U.S. magazines Sports Illustrated and
The company also plans to cut about 500 positions globally,
or roughly 6 percent of its workforce, said a person familiar
with the company.
The move to reorganize the publisher's six-year-old
structure comes as Time Inc integrates American Express
Publishing, which it bought last year, and prepares to separate
from Time Warner Inc this year.
The magazine industry has been hit with declining
circulation and advertising revenue as people choose to read on
mobile devices. For the third quarter, revenue at Time Inc fell
2 percent to $844 million on weaker subscriptions and
Time Warner plans to report its fourth-quarter results on
"The performance of print and individual brands will always
be important, but Wall Street's focus will be on the performance
of Time Inc and on our ability to grow beyond print," Ripp
Ripp appointed Evelyn Webster and Todd Larsen to oversee the
operations of about 100 titles. Both will report directly to
Larsen is the former president of Dow Jones and The Wall
Street Journal. Webster served as CEO of Time Inc's British
publishing unit IPC.
Time Inc also named Mark Ford as executive vice president of
advertising sales, a position that has been unfilled since Paul
Caine left the company last spring. Ford was most recently
responsible for operations at Time Inc's Sports Group.