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An internal memo from Time Inc. CEO Joe Ripp announced that the magazine publisher is set to begin laying off part of its workforce as the company begins restructuring.
In the memo, Ripp notes that the restructuring, since splitting from Time Warner, is necessary as the company prepares to go public, as are the impending layoffs, reports The New York Times. "Our success will depend on how investors view the momentum we are generating at the new Time Inc."
No specific figures have been provided, but it is believed that of the nearly 7,800 employees at Time Inc., about 500 will lose their jobs.
According to Variety, Time Inc. will now also place all of its properties under executives Evelyn Webster and Todd Larson. Previously, Time, People and other magazines had often independently operated.
Ripp notes in the memo, "A single Time Inc. portfolio gives us more operational flexibility, speed decision-making and spur the development of new cross-brand products."
Executives David Geithner and Ed Kelly will both be leaving the company, while another, Mark Ford, is moving from magazines to executive vice-president of sales.
image: Wikimedia Commons