Time Co-COO Exits

NEW YORK Time Inc. said 25-year veteran Nora McAniff would step down as co-chief operating officer and it would divide her duties between Sylvia Auton and Stephanie George, who were both promoted to executive vice presidents.

“When I realized I was about to reach my 25th anniversary with Time, I decided it might be time for a brief intermission between acts,” said McAniff. “I am proud of the magazines I’ve helped run and will miss the many smart, talented people I’ve had the opportunity to work with.”

With McAniff’s departure, the company abandons its co-COO structure, which was created in December 2005 when Time elevated McAniff and John Squires from the position of evp. At that time, Time laid off 105 staffers, including several executives. The latest change leaves Squires as the most senior evp at the company.

Auton will continue as CEO of IPC Media and add responsibility for Southern Progress Corp. and the business sides of All You and Life. George, president of In Style, Real Simple and Essence, will add responsibility for corporate sales and marketing and the business sides of People and Entertainment Weekly. She’ll also continue to oversee Time’s partnership with the American Express titles.

The changes will take effect March 1. Auton and George will report to company CEO Ann Moore.

The company has been in a state of flux, struggling to recast itself in the age of new media. It trimmed nearly 300 staffers and closed bureaus across several properties one week ago. Yesterday, it sold 18 titles to Bonnier Magazines for $200 million.