NEW YORK — Magazine publisher Time Inc. fired several of its senior business executives Tuesday, including its former chief financial officer and the president of Time magazine, as part of a sweeping management shakeup.
The revamp was designed to "delayer” the company’s corporate management structure, continuing a streamlining effort that began in the summer, Time Inc.’s CEO Ann Moore said in a memo distributed to employees.
The shakeup is also intended to "speed decision making” and "simplify communications and reduce costs,” Moore said. "We needed to reallocate our workload and assets in order to invest in areas of higher growth, including online and new launches.”
Several senior executives left the company as a result of the shakeup, including Richard Atkinson, a former chief financial officer, as well as the top two ad sales executives, Jack Haire and Fred Poust.
Eileen Naughton, the president of Time Inc.’s flagship magazine, Time, is also leaving, as is David Kieselstein, the head of Parenting and other related magazines, Time Inc. spokeswoman Dawn Bridges said. Andy Sareyan, the president of Entertainment Weekly, will be reassigned.
The job cuts will total 105 across the company, nearly all of them occurring on the business side, Bridges said. Fewer than 10 editorial jobs will be cut, she said.
In addition, two executives will be promoted to the newly created positions of co-chief operating officers, Moore said. Nora McAniff will oversee overall ad sales, the People magazine group, InStyle, Real Simple and other titles; while John Squires will be in charge of online operations, circulation, Time, Sports Illustrated, Fortune and other titles.
The new organizational chart will streamline reporting lines and leave Moore with just six direct reports instead of 10 under the old system, Bridges said.
Time Inc. has about 13,000 employees and publishes more than 150 magazines. It is part of the media conglomerate Time Warner Inc.<
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John Baker said:
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craigwiesner said:
Thanks for this great column which gives me, and I hope others, some inspiration to think about how we spend our most precious gift, time!
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