Time Inc. Said to Name Jack Griffin Chief Executive, Replacing Ann Moore
The person asked not to be identified because the decision isn’t public. Griffin left Des Moines, Iowa-based Meredith Corp., where he was president of the national media group, on Aug. 2 to pursue another opportunity.
Griffin is joining Time, owner of People, Fortune and Sports Illustrated, as magazine publishers search for ways to make money on the Internet and with new mobile devices such as Apple Inc.’s iPad. The unit has shown profit growth this year through costs cuts and higher advertising sales, after several years of investors calling for its divestment.
Moore, a 32-year veteran of Time, rose to chairman and CEO in July 2002, and is the company’s first female CEO. She is expected to remain chairman at Time, the world’s largest magazine publisher, the New York Times reported.
In 2008, Moore oversaw the elimination of about 600 jobs, or 6 percent of Time Inc.’s workforce, as profit plunged during the U.S. recession when marketers slashed spending.
Time Warner reported second-quarter earnings that beat analysts’ estimates yesterday, with operating income at Time Inc. rising 50 percent because of cost cuts. Advertising sales rose 4 percent, and Time Warner Chief Financial Officer John Martin said those increases should continue in the third quarter.
Time Warner rose 42 cents to $32.89 at 4:01 p.m. in New York Stock Exchange composite trading. The shares have gained 13 percent this year.
At Meredith, the second-largest U.S. magazine publisher, Griffin oversaw the print publications and digital properties of magazines including Better Homes and Gardens, Parents, Ladies’ Home Journal and Family Circle. He also ran integrated marketing, brand licensing and book publishing operations, according to a biography on Meredith’s website.
Griffin had worked for Meredith since rejoining the company in 2003, and had earlier served as the company’s vice president of marketing from 1998 to 1999. He also has served stints at Parade, owned by Advance Publications, and the New York Times Co.’s magazine group.