Time Inc. CEO continues executive shakeup with CFO succession
Shares of Time Inc. (TIME) are in focus this morning after the media company announced a series of organizational changes, including the departure of its chief financial officer. The management shakeup comes as Rich Battista settles into his role as chief executive officer. CFO SHAKEUP: This morning, Time Inc. stated that its executive vice president and CFO Jeff Bairstow will leave the company following a transition period. Bairstow will stay in his role until November 7, at which time he will maintain an advisory role until March 1. The company said senior vice president and controller Sue D'Emic will succeed Bairstow as EVP and CFO and will report to Battista. OTHER MANAGEMENT CHANGES: Additionally, Time Inc. said that Marcus Rich, who serves as CEO of Time Inc. U.K., will now report to CEO Battista. Rich previously reported to Bairstow. Further, Battista said that Erik Moreno, the current EVP, Business Development, will become EVP and President, Corporate Development, New Ventures & Investments. Moreno will oversee Time Inc. International as well as M&A and Strategic Planning, Time said. Finally, Time said Greg Giangrande, EVP and Chief Human Resources Officer, will take on the additional role of Chief Communications Officer and will oversee Corporate Communications and Media Relations, Employee Communications and Corporate Social Responsibility, while Jaison Blair, currently SVP, Investor Relations and Corporate Communications, will become SVP, Investor Relations, Finance & Corporate Development. WHAT'S NOTABLE: Last month, the media company named Jen Wong as the company's COO, a newly created role, marking the first executive appointment since Battista became CEO. Battista was named CEO in September, a month after Jana Partners bought a stake in the media company. Battista, who had been executive vice president of Time and president of Brands, replaced Joe Ripp, who remains executive chairman. Jana Partners held a nearly 5% stake in Time Inc. at the end of June, according to regulatory filings. Time has been working to expand its digital business and recently launched an ad-supported streaming video service called the People/Entertainment Weekly Network. The launch represents an opportunity for the magazine publisher to diversify by gaining digital audience and scale, The Wall Street Journal recently said.