Time Inc (NYSE:TIME) has announced major changes designed to help boost the company’s revenue.
The direction that the company is moving towards was revealed in a memo written by Time CEO Jim Ripp. Here’s what you need to know about the shakeup:
- The company is streamlining its advertising sales by putting all of them under the leadership of Chief Revenue Officer Global Advertising Mark Ford. The unit will operate under three divisions.
- Fortune — which is owned by Time — editor Alan Murray is the new Chief Content Officer, with Norman Pearlstine stepping down from the position and becoming the company’s vice chairman.
- Content studio The Foundry will now be spearheaded by Jen Wong, head of Time’s digital operations.
- Rich Battista will be in charge of all company brands.
- Former head of Time Inc. UK Evelyn Webster is leaving the company.
Read the full memo here.
TIME stock is down 0.5% Wednesday.
