NEW YORK (CNNMoney) -- After less than six months on the job, Jack Griffin is out as CEO and chairman of Time Inc., the world's largest magazine publisher. An interim management committee will run Time Inc. until a permanent successor is found, said Jeff Bewkes, CEO of parent company Time Warner in an email to employees Thursday night.
"I regret to inform you that Jack Griffin is leaving his position as Chairman and CEO of Time Inc. Although Jack is an extremely accomplished executive, I concluded that his leadership style and approach did not mesh with Time Inc. and Time Warner," said the e-mail.
"Until a permanent successor is identified, Time Inc. will be led by an experienced interim management committee, reporting directly to me, composed of Howard Averill, Maurice Edelson and John Huey. You will be hearing from them within the next several days regarding their plans during this transitional period." according to the memo.
Jack Griffin, a former president of Meredith Corp.'s magazine group, took the top job in late September.
A Time Warner 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.
Earlier this month, Time Warner, CNNMoney's parent company, posted fourth-quarter earnings Wednesday that beat Wall Street expectations, while Time Inc. revenues fell 1%.
Mexican phone operator America Móvil, controlled by billionaire magnate Carlos Slim, has announced plans to sell off assets in order to reduce its market share. More
If dipping into your 401(k) to finally pay off that pesky credit card bill sounds like a good idea, you should probably think twice. More