NEW YORK (CNNMoney.com) -- Ann Moore, the chief executive of the world's largest magazine publisher Time Inc. is retiring, the company announced Monday, confirming reports from last week about a CEO shake up.
Jack Griffin, a former president of Meredith Corp.'s magazine group will take the top job starting in late September, and Moore will continue to work for the company as chairwoman throughout the transition, Time Inc. said in a release Monday.
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 publishes Better Homes and Gardens, Parents and Family Circle.
Griffin ran Meredith's magazine brands as well as its Internet and digital properties, and oversaw the company's acquisition of publisher Gruner + Jahr USA, which doubled the size of its magazine business.
"I have believed for some time that Jack is the right person to be the next CEO of Time Inc., and I couldn't be more pleased that he will lead this Company into the future," Moore said in a statement.
Moore's retirement comes after 32 years of working at Time Inc. She started as an analyst shortly after earning her Harvard M.B.A. in 1978 and later became publisher and then president of People magazine. She was appointed CEO in 2002.
Susan Wojcicki said the rate of new moms leaving Google fell by 50% after the company began offering 18 weeks of paid maternity leave. More
The shale boom has been a blessing to Texas, but tumbling oil prices are casting a shadow over the state. More
With two recent IPOs and a digitally-inclined audience of entrepreneurs, non-traditional financing could finally get its big break. More
Payday lenders are spending millions of dollars in Washington in an attempt to get powerful politicians on their side as a government crackdown on the industry heats up. More