Time Inc. has named Nancy Gibbs as Time’s new Deputy Managing Editor, which makes her the lead person to eventually succeed Rick Stengel. Stengel told The New York Post “I’m not going anywhere soon,” but added that he’d be reevaluating his path after the election.

Stengel said in an internal memo that Gibbs had definitely showed that she could handle the position. “Well, when it comes to Nancy, you already know the historic stuff: most covers written – among them four presidential election nights, Columbine, Katrina, the great original 9/11 cover (and a wonderful essay in this 9/11 + 10 issue) — a record that will never be broken,” said Stengel. “But what you don’t know is how Nancy has applied some of those same cover-writing skills to her work as a manager: she has brought great creativity to dealing with the business side, she has excelled at planning stories and covers many months in advance, and she has been a perfect mentor to writers and editors.”

Radhika Jones has been promoted to executive editor at TIME magazine. Jones, who has been with the pub three years today, has edited the last two TIME 100 issues and the Mark Zuckerberg “Person of the Year” issue.

Jones joined TIME from Paris Review where she was managing editor. She began her journalism career at the Moscow Times, where she started as a copy editor.

Jones joins TIME’s two other Executive Editors, Nancy Gibbs and Jim Frederick, who is also the Managing Editor of TIME.com.

Memo from Time Inc. EIC John Huey and TIME Managing Editor Rick Stengel, after the jump…

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While Tina Brown has been showing off Newsweek 2.0, Time magazine managing editor Rick Stengel and executive editor Nancy Gibbs have made some changes of their own.  While the body of each issue will stay untouched, the Briefing section will now feature shorter news stories and contain a two-page spread for the best image of the week.  The “Washington” section has been redubbed to “Nation” and now extends beyond D.C.  Overseeing the first redesign in three years, Time publisher Kim Kelleher is confident that first quarter ad pages will increase over 2010’s results.

As we reach November’s end, it’s time for one of my favorite annual customs: Looking back. Few do this better than Time magazine, and, this time, the magazine is not only reviewing the past year, but major news events of the decade now coming to an end.

Time‘s single-topic retrospective, titled TimeFrames, went live online this morning and will be available on newsstands this Friday. The magazine has also joined with CNN to produce a primetime show, “TimeFrames: A John King Special.” The special, which features interviews with managing editor Richard Stengel, Time executive editor Nancy Gibbs, Joe Klein, Fareed Zakaria and other Time editors and writers, will air tomorrow, Thanksgiving Day, at 2 p.m. and 5 p.m. ET and throughout this holiday weekend.

In addition, the magazine has worked on an ad campaign focused on Time magazine’s iconic red border.

Further information can be found online at www.time.com/timeframesissue, including a video on Time‘s reporting of the major events of the past ten years, featuring Gibbs.

In his letter to readers, Stengel touches upon a particular duality when taking a look at our rapidly changign world:

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