It's the end of the fiscal year, so time for Time Inc. to lay off 105 employees, including Time president Eileen Naughton and Entertainment Weekly president Andy Sareyan. Chairman and CEO Anne Moore also named Nora McAniff and John Squires co-chief operating officers of the company.

Time Inc. reported $5.5 billion in sales last year, but only 2.5 percent growth, according to Hoovers. Time Warner likes to see those numbers go up! up! up!, so pressure's on for Moore to shuffle up and increase revenue. Is this really the best way to do it? Time (Inc.) will tell.

PLUS: Analysis from mb's Revolving Door Newsletter, an AvantGuild benefit:

They should just start calling the company People Inc. In a major reshuffling at the highest levels of the company, announced this afternoon, Time Inc. CEO Ann Moore more or less cemented her loyal deputy Nora McAniff as her eventual heir apparent. McAniff has been promoted to co-COO, along with John Squires -- the first time a COO position has existed at Time Inc. -- and McAniff's direct reports now include just about every publisher of every woman-focused magazine at the company, including People, In Style, Real Simple, and so on. The chief executives of both IPC Media (Time Inc.'s UK division) and Southern Progress -- both of which are larger than some of Time Inc.'s rivals in their own right -- now report to her. Squires will keep the company's "sports and leisure group," i.e. Sports Illustrated and the outdoor titles of Time4Media, and now has oversight of Time Inc.'s interactive division and all of the business magazines. But McAniff appears to be the clear winner, and People magazine's dominance of the company is more profound than ever. Not only is it the most profitable magazine in existence, but Time Inc.'s current and perhaps future CEO both made their reputations there, while People's managing editor, Martha Nelson, will likely succeed John Huey as editor-in-chief one day. What would Henry Luce think?

Press Release: Nora McAniff, John Squires Named Co-Chief Operating Officers of Time Inc.
Time Inc. Cuts Deep Into Top Management [AdAge]