March 15 (Bloomberg) -- New York Times Co., reshuffling its staff after the arrival of Chief Executive Officer Mark Thompson last year, will create three new groups in an effort to streamline the company and promote its online operations.
The company will now have groups devoted to digital, print and advertising, according to a memo to staff. The changes also will eliminate the barrier between the New York Times Media Group and the company’s corporate operations. Roland A. Caputo, who was chief financial officer of the Media Group, will now focus on the print operations. Jim Follo, the corporate-level CFO, will remain in that role.
The shakeup follows an effort to refocus the company on its main New York Times brand. Last month, the publisher said it would sell the Boston Globe and related newspapers amid a slump in print advertising. The company has already sold its About.com informational website and a regional-newspaper business over the past year and a half. It’s also rebranding its International Herald Tribune newspaper as the International New York Times.
The restructuring, which will take place at the end of March, was designed to “result in faster decision making, clearer lines of responsibility and greater accountability,” Thompson and Chairman Arthur Sulzberger said in the memo.
With fewer peripheral media brands, Times Co. has less need for a separate CFO to oversee those operations. The latest changes also put more emphasis on digital content, which the company sees as its savior during a time of slumping print advertising. Its online subscription program, started in 2011, now has more than 640,000 paying subscribers, bringing in a new source of revenue.
Denise Warren, who had been Times Co.’s chief advertising officer, will now lead the digital-products group. The New York-based company will look for a new person to lead the advertising department. David Perpich, a member of the Ochs-Sulzberger family that controls Times Co., will be general manager of new digital products within Warren’s group.
The company also announced the appointment of Tom Bodkin as chief creative officer, a new position.
Times Co. shares fell less than 1 percent to $9.96 at the close in New York. The stock has risen 17 percent this year.
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