Time Inc. Streamlines Structure, Eliminates Jobs

TimeLifeBuildingRockCenter_articleboxThe reshaping of Time Inc. continues. According to a memo from Joe Ripp, Time Inc.’s CEO, the company is streamlining its structure by eliminating the brand clusters (like Style Group, News Group, etc.) and therefore, cutting jobs. The biggest departure is that of David Geithner, who had been with Time Inc. for over 20 years. Ed Kelly, CEO of American Express Publishing is also out.

Without the brand groupings, Evelyn Webster and Todd Larsen will be taking on larger roles. Webster will now oversee All You, Black Ink, Cooking Light, Coastal Living, Departures, Essence, Food & Wine, Health, InStyle, People StyleWatch, People en Español, Real Simple, Southern Living, Sunset, This Old House, Travel + Leisure, and IPC.

Larsen will oversee People, Entertainment Weekly, Time, Sports Illustrated, Fortune, CNNMoney, Money, Golf, SI for Kids, Time for Kids and Mexico’s GEx.

In the same memo, Ripp announced that Mark Ford will be joining the company as executive VP of ad sales. You can read Ripp’s entire note below.

Since I returned to Time Inc. in September, we have made a lot of progress.  We have built a seasoned executive team that has been working with many of you on ways we can stabilize revenues and redirect our spending for the future.  We are launching initiatives to grow our digital scale and revenue, to generate new revenue streams and to enhance our core print business.  We have a direction and I am confident we will be positioned to succeed when we become a stand-alone public company.

Part of positioning ourselves for transformation means we must also make some substantive and sometimes painful changes to the way we operate and approach our business.  We need to dissolve the complex matrixed organization created several years ago, remove layers that slow us down and free up investment dollars to deploy in growth areas.

Today, we are beginning a restructuring process that will move us in the right direction by: eliminating our three brand operating clusters; streamlining decision-making across the entire organization; and completing the integration of American Express Publishing.

With the dissolution of our clusters, our U.S. brands will be consolidated into a single portfolio under two executives, Evelyn Webster and Todd Larsen, who will work in partnership to manage our assets.  A single Time Inc. portfolio will give us more operational flexibility, speed decision-making and spur the development of new cross-brand products and revenue streams to help stabilize and grow our top-line revenues.  David Geithner will be leaving the company with the implementation of the new structure.  I want to thank him for his 21 years of service to Time Inc. and his contributions to so many of our brands including PEOPLE, Entertainment Weekly and InStyle.  His business acumen and focus on growth has helped position these brands for continued market success.

Since we have an extensive collection of brands, Evelyn and Todd will each supervise a number of them while collaborating across the business.  Evelyn will manage All You, Black Ink, Cooking Light, Coastal Living, Departures, Essence, Food & Wine, Health, InStyle, People StyleWatch, People en Español, Real Simple, Southern Living, Sunset, This Old House, Travel + Leisure, and IPC.  Todd will manage PEOPLE, Entertainment Weekly, TIME, SPORTS ILLUSTRATED, FORTUNE, CNNMoney, Money, Golf, SI for Kids, TIME for Kids and GEx in Mexico.

Evelyn and Todd both have deep operational experience.  Evelyn served as CEO of IPC in London before moving to New York to run the Lifestyle titles.  Todd served as President of Dow Jones and The Wall Street Journal before joining Time Inc.  They will work closely with the entire executive team to make sure we’re optimizing our business.