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Time Inc cuts 105 jobs; names two co-operating chiefs
By Janet Whitman
Last Update: 5:59 PM ET Dec. 13, 2005

NEW YORK (MarketWatch) -- As part of a reorganization announced Tuesday, Time Inc. is laying off 105 employees, including several senior executives.

The job cuts are effective Dec. 31, a spokeswoman for Time Inc., a division of Time Warner Inc. (TWX), said.

Two members of Time Inc.'s senior management team -Richard Atkinson, executive vice president in charge of the news and information group, and Jack Haire, executive vice president overseeing corporate sales and marketing - are among those being laid off, according to a staff memo from Time Inc. Chairman and Chief Executive Ann Moore.

Other senior executives leaving the company are Eileen Naughton of Time, David Kieselstein of the parenting group, and Fred Poust and Steve Buerger of corporate sales, the memo said.

The cuts are part of a move by Time Inc., the largest magazine publisher in the U.S., to simplify its management structure, speed up decision-making and reduce costs, continuing initiatives that began over the summer.

As part of the changes Tuesday, Moore appointed Nora McAniff and John Squires as co-chief operating officers, newly created posts, and also reorganized the management of Time Inc.'s business operations.

"We are reallocating our workload and assets in order to invest in areas of higher growth, including online and new launches," Moore said in a press release announcing the changes.

McAniff, 47 years old , will be the executive at Time Inc. most directly responsible for the company's advertising revenue stream.

She was previously executive vice president of the publisher's women's, entertainment and luxury group and will continue to oversee the titles in that group. As part of her new role, she will oversee corporate sales and marketing and Time Inc.'s Southern Progress Corp. and IPC Media, the largest magazine publisher in the U.K.

Squires, 48, will return to managing consumer marketing, with responsibility for that revenue stream.

He was formerly executive vice president of Time Inc.'s sports and leisure group. He will continue to have oversee his existing titles and Time Inc.'s interactive division. He also will have responsibility for Time magazine, the Fortune/Money Group, including Fortune, Money, FSB, Business 2.0 and the soon-to-be-launched CNNMONEY.com.

Under the new structure, Michael Klingensmith, executive vice president, will continue to report to Moore. Added to his responsibilities will be the Time Warner Book Group, Information Technology and Synapse. He will continue to oversee legal, strategic planning, production, administrative services and Grupo Editorial expansion.

Kerry Bessey, senior vice president, will continue to run Human Resources and continue to report to Moore.

Howard Rosen, acting chief financial officer, also will continue to report to Moore.

Moore, McAniff, Squires, Klingensmith, Bessey and Rosen will form Time Inc.'s office of the chairman, the company said.

McAniff joined Time Inc. in 1982, while Squires has been with the publisher since 1989.

Time Inc. said the new structure won't affect the editorial side of the business. John Huey is slated to take over as Time Inc.'s editor-in-chief on Jan. 1, replacing Norman Pearlstine.

Moore said in the memo that Time Inc. will have "another record year" of operating income before depreciation and amortization, or OIBDA), over last year, with advertising revenue gaining more than $100 million and total revenue up $225 million.

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