Time Inc. CEO: Layoffs, big organizational changes coming today [View all]
Source: Poynter
Time Inc. will begin layoffs today — about 500, Keith Kelly reports. In a memo to staffers, Time Inc. CEO Joe Ripp says the company’s plans require “substantive and sometimes painful changes to the way we operate and approach our business.”
All Time Inc.’s U.S. brands “will be consolidated into a single portfolio under two executives, Evelyn Webster and Todd Larsen,” Ripp writes. Executive Vice President David Geithner will leave, as will American Express Publishing CEO Ed Kelly. Mark Ford will become executive VP of advertising sales, Ripp says.
Kelly reports that AmEx Publishing’s Executive Travel magazine will be shut down.
As Time Inc. approaches its planned IPO, Ripp writes, “Wall Street’s focus will be on the performance of Time Inc. and on our ability to grow beyond print, embracing new technologies, new products, new markets, and new customers. Every employee in the organization needs to be fully invested in the performance of the company.”
Read more: http://www.poynter.org/latest-news/mediawire/238280/time-inc-ceo-layoffs-coming-today/
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