Today, newly minted Time Inc. CEO Jack Griffin began his new duties running the magazine shop, and the New York Observer obtained his company wide memo. In it, you get a sense of where he’s looking to take the company.
While it’s not the typical “we need to do more with less” line, it gets very close. But he’s not talking about cutting more costs (i.e. people) so that’s good to see.
“At the same time, physical costs and other expenses continue to escalate, so we cannot achieve our bottom-line goals by just taking costs out of the business,” wrote Griffin in the memo. “We must deploy our resources and people to develop new products and consumer offerings, brand extensions and marketing capabilities that will generate new sources of revenue and profit.”
So it looks like the current employees will be doing more or different jobs but Griffin seems down on cutting more employees. Hopefully, that continues to hold true.