Howard Averill and Joseph Ripp

Howard Averill, left, and Joseph Ripp are getting new jobs. (Time Warner)

Time Warner has tapped Howard Averill to be its chief financial officer after John Martin transitions from that role to chief executive of Turner Broadcasting next year.

Averill is chief financial officer of Time Inc., the publishing unit that houses Time, Sports Illustrated and several other magazines that Time Warner is spinning off into a stand-alone public company later this year.

Time Warner also said Joseph Ripp, a former chief financial officer of Time Inc., is returning to be its chief executive. Ripp spent close to 20 years at Time Inc. He is CEO of OneSource Information Services and will rejoin Time Inc. in September.

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