If you had Richard Stengel in your "Who Will Be the Next Managing Editor of Time?" office pool, you are a winner.

RICHARD STENGEL NAMED MANAGING EDITOR OF TIME

(New York, May 17, 2006) — Richard (Rick) Stengel has been named Managing Editor of Time it was announced today by John Huey, Editor-in-Chief of Time Inc. Stengel succeeds Jim Kelly who was promoted to Managing Editor of Time Inc. yesterday. The appointment is effective June 15, 2006 though he will work alongside Kelly during a transition period prior to that.

Stengel (51) will be the 16th Managing Editor in the history of Time since its founding in 1923 by Henry R. Luce and Briton Hadden. As Managing Editor he will oversee one of the world's largest magazines, with nearly 29 million readers worldwide and Time.com which draws over 3 million unique visitors a month and is growing over 40% this year.

The full release:

RICHARD STENGEL NAMED MANAGING EDITOR OF TIME

(New York, May 17, 2006) — Richard (Rick) Stengel has been named Managing Editor of Time it was announced today by John Huey, Editor-in-Chief of Time Inc. Stengel succeeds Jim Kelly who was promoted to Managing Editor of Time Inc. yesterday. The appointment is effective June 15, 2006 though he will work alongside Kelly during a transition period prior to that.

Stengel (51) will be the 16th Managing Editor in the history of Time since its founding in 1923 by Henry R. Luce and Briton Hadden. As Managing Editor he will oversee one of the world's largest magazines, with nearly 29 million readers worldwide and Time.com which draws over 3 million unique visitors a month and is growing over 40% this year.

"Rick is a true multi-media editor who is approaching this new assignment with tons of ideas, energy, and just the right amount of confidence," Huey said. "I find him an especially exciting new Managing Editor because he has both the outsider's perspective and the insider's appreciation and knowledge of who and what makes Time tick. His intellectual depth and breadth are long established, as are his leadership qualities and competitive spirit. But in his stint as head of Constitution Center he has gained a new appreciation for the skills and strategy required to harness the energy of an organization like Time. Under Rick, I expect Time will be as relevant in the 21st century as it was in the 20th century."

"TIME has a great mission: to explain the world to people," Stengel said. "We've been doing that for more than 80 years and that job is as important now as any time in our history. I am honored to lead TIME into the future, in whatever form we deliver it, and I believe we can take our mission to still greater heights."

Stengel has a long history with Time and has served at different times as both its national and culture editor as well as the editor of Time.com. As a senior writer and essayist he covered both the 1996 and 1988 Presidential campaigns. Stengel has also written for The New Yorker, The New Republic and The New York Times. He's been a frequent television commentator on CNN and MSNBC. In 1998 he taught a course at Princeton called "Politics and the Press" before moving to a very different political arena in 1999 as a senior advisor and chief speechwriter for presidential candidate Bill Bradley. Since 2004 he has been the President and CEO of the National Constitution Center, which is a museum, education center and think tank on Independence Mall in Philadelphia dedicated to teaching the importance of the Constitution and civic engagement. It's non-partisan and a non-profit chartered by the federal government, with a million visitors a year, a third of whom are students. The Center is dedicated to finding common ground among all Americans on the most important issues of the day, and it offer debates and conversations and dialogues that bring light to the most important constitutional issues that America faces.

In addition to his work in journalism and politics, Stengel has written several books including "January Sun: One Day, Three Lives, A South African Town" and "You're too Kind: A Brief History of Flattery." Additionally in 1993 he collaborated with Nelson Mandela on Mandela's bestselling autobiography "Long Walk to Freedom" and later served as co-producer of the 1996 Oscar nominated documentary Mandela.

Stengel graduated magna cum laude from Princeton University in 1977 and played on its 1975 NIT winning basketball team. As a Rhodes Scholar he studied English and History at Christ Church College, Oxford. A native New Yorker, Stengel is married to Mary Pfaff who is originally from South Africa, and they have two younger sons.

Time Inc. is the world's leading magazine publisher, with more than 150 titles that are read more than 300 million times worldwide on a monthly basis and account for nearly a quarter of the total advertising revenues of U.S. consumer magazines.

Time Inc. is a wholly-owned subsidiary of Time Warner Inc., a leading media and entertainment company, whose businesses include interactive services, cable systems, filmed entertainment, television networks and publishing.

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