Time, Inc. Announces Restructuring

From MediaWeek:

Acknowledging that the company is facing unprecedented economic hard times, Time Inc. chairman, CEO Ann Moore announced a massive reorganization that’s expected to lead to the loss of hundreds more positions in the coming weeks.

One of those already departing is Time magazine’s worldwide publisher and 35-year Time Inc. vet Ed McCarrick, whose retirement the company announced Oct. 28.

McCarrick started at the company in 1973 as a sales rep and served over the years in various positions at the erstwhile Life, People and Time magazines before becoming publisher of Time’s U.S. edition in 1999. He was named to his current position in 2003.

Under the reorg, effective Oct. 29, Time Inc.’s 24 magazines and related Web sites will be grouped into three business units based on similarity of audience and advertisers. Each will have its own general manager who will report to Time Inc. executive vp and CFO Howard Averill.

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