Time Inc names new chief executive

Time Inc veteran Ann Moore is stepping aside as chief executive of the magazine unit of Time Warner Inc as it seeks to expand the reach and relevance of its publications like Time, People and Sports Illustrated.                                           
 

Jack Griffin, an executive with Meredith Corp, will succeed Moore as chief executive and eventually chairman. Moore, who has been with Time Inc for 32 years, will remain as chairman through the transition when Griffin takes over at the end of September.     
 

"As CEO, Jack will further advance our lead position in the industry and accelerate the expansion and innovation of our titles on all platforms," Jeff Bewkes, chief executive of Time Warner, said in a statement.                                          

Griffin most recently served as president of the Meredith National Media Group responsible for the company's media and marketing as well as the brand licensing and book publishing operations. Meredith publishes the Ladies' Home Journal and Family Circle among other magazines.                                           

Prior to that, Griffin was president of Parade magazine.                                            
The change in leadership comes during a time when magazines are struggling to add readers and advertising revenue. Newsweek magazine, a competitor to Time Inc's flagship magazine, was sold last week by The Washington Post Co to stereo tycoon Sidney Harman, founder of Harman International Industries Inc.               
 

The Washington Post put Newsweek on the block after owning it for almost 50 years because the magazine was losing several million dollars.                                           

Time Warner said last week that second-quarter revenue at Time Inc was flat at $919 million, with a 4 percent increase in advertising revenue. Subscription revenues were flat.                                            
Shares of Time Warner traded up 0.3% to $32.47.