Ripp is currently the acting CEO of OneSource Information Services, and will succeed Time CEO Laura Lang, who said she no longer wants the position. Ripp will take over as Time CEO in September, reports the Associated Press.
Time Warner decided to spinoff its magazine unit in March. The Time magazine unit will become its own publicly traded company, and Time Warner will be able to better focus on its TV networks, reports the Associated Press.
Time will lose its current CFO Howard Averill, who will leave Time to become the new CFO of Time Warner.