March 8 (Bloomberg) -- Time Warner Inc.’s publishing division hired consultant Bain & Co. to advise on reviving growth as two executives depart.
Steve Sachs, an executive working on consumer marketing and sales, and Chief Marketing Officer Stephanie George will leave in June, according to an internal memo from Time Inc. Chief Executive Officer Laura Lang.
Lang is working to boost growth at the publisher of magazines, including Fortune and Sports Illustrated, amid intensifying online competition. She went to Time Inc. in November from digital ad agency Digitas, after a nine-month search to replace Jack Griffin, who left after clashing with executives. Time Inc. sales rose less than 1 percent last year, accounting for 12 percent of Time Warner’s total revenue.
“We need to find areas where we can double down, place big bets and get back on a revenue growth trajectory,” Lang wrote in the memo.
The unit can revive growth “if we have a very clear assessment of the landscape in which we operate and a cohesive strategy,” Lang said.
Time Warner, based in New York, rose 0.8 percent to $36.91 at 3:27 p.m. in New York. The shares had gained 1.3 percent this year before today.
The Wall Street Journal earlier reported on Time Inc.’s hiring Bain.
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