NEW YORK (CNNMoney.com) -- Ann Moore, the chief executive of Time Inc. -- the world's largest magazine publisher -- is stepping down from the company to be replaced by Jack Griffin, a group president of Meredith Corp., according to published reports.
The New York Times, Wall Street Journal and New York Post all reported the CEO shakeup Wednesday evening, citing unnamed executives at the companies.
A Time Warner (TWX, Fortune 500) subsidiary, Time Inc. publishes about 115 magazines worldwide including Time and Sports Illustrated and accounts for almost a quarter of total advertising revenues of U.S. consumer magazines. Measured by circulation, it's the world's largest magazine company, followed by Meredith, which is based in Des Moines, Iowa.
A Time Warner spokesman could not be immediately reached for comment. CNNMoney is a joint venture of CNN and Time Inc.
A 32-year veteran of Time Inc., Moore was appointed CEO in 2002. She has presided during a time when magazines suffered an unprecedented decline in advertising revenue due to competition from online media and the recession.
In recent years, Time Inc. has made major staff cuts and shed some of its magazine titles.
Griffin ran Meredith's magazine brands -- including Better Homes and Gardens, Parents and Family Circle -- as well as its Internet and digital properties.
Meredith announced his departure from the company on Monday, saying he had left "to pursue another opportunity."
Griffin would inherit Moore's role just as Time Inc. reported a 50% surge in its quarterly operating profit Wednesday.
That surge was primarily due to substantial cost-cutting measures, including a restructuring of the company's pension expenses.
Time Inc.'s quarterly revenue remained virtually unchanged. Advertising sales were up 4%, but other revenue failed to grow primarily due to flat subscription growth and an ongoing impact from the sale of Southern Living at Home last fall, the company said.
Nearly all of Moore's career has played out at Time Inc., where she worked her way up the corporate ladder. She started as an analyst shortly after earning her Harvard M.B.A. in 1978 and later became publisher and then president of People.
Netflix told the FCC that its speed on the Comcast network became so slow that customers began dropping their service. More
The Coolest Cooler is the most successful Kickstarter campaign in the site's history, raising $13.3 million from over 62,000 backers. More
Five CNNMoney readers share stories about saving that you can learn from: What they would do differently if they had another chance. More