Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Jack Griffin out as Time Inc. CEO



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%.

A Time Warner spokesperson had no further comment. To top of page

Index Last Change % Change
Dow 17,660.71 9.45 0.05%
Nasdaq 4,717.09 -8.55 -0.18%
S&P 500 2,050.63 -0.49 -0.02%
Treasuries 1.75 -0.04 -2.07%
Data as of 10:39pm ET
Company Price Change % Change
Bank of America Corp... 14.05 -0.08 -0.57%
Chesapeake Energy Co... 5.71 0.06 1.06%
Freeport-McMoRan Inc... 11.29 -0.51 -4.32%
Apple Inc 93.24 -0.38 -0.41%
General Electric Co 29.89 -0.18 -0.60%
Data as of 4:01pm ET
Sponsors

Sections

Sumner Redstone, 92, was deposed on videotape Thursday ahead of a trial Friday that will determine his mental competency. It could have implications for Viacom and CBS. More

America has 5.4 million job openings and 8 million people looking for work. The problem is most people hunting for jobs don't have the right skills. More

Gogo has a faster satellite wifi system coming to carriers, and it might be good enough to make people stop complaining. More

Visa says new software will allow consumers to check out with chip cards as fast as swiping a card with magnetic strip. More