Time Inc. Restructures Magazine Unit
Time Inc. said Thursday that it is restructuring its magazine group to help manage its costs “in the most effective way.”
The fast-growing group, which publishes 11 magazines with total circulation of more than 19 million, has seen its profits triple and revenue double in the past five years, the New York-based publishing conglomerate said.
Under the reorganization, Kelso Sutton, executive vice president in charge of the magazine group, assumes the new titles of group president and chief executive.
John A. Meyers, publisher of Time magazine since 1978, has been named chairman of the group and adviser to Sutton.
Succeeding him as Time publisher is Richard B. Thomas, who was previously associate publisher and worldwide advertising director.
S. Christopher Meigher III, publisher of People, and Robert L. Miller, publisher of Sports Illustrated, were named group publishers.
Meigher will be responsible for Time, Fortune, Money and the Birmingham, Ala.-based Southern Progress Corp., which publishes several regional magazines.
Miller will be in charge of People, Sports Illustrated, Life and Discover.
Two other group executives, Vice President Philip Howlett and James McCluskey, director of corporate manufacturing and distribution, are taking early retirement.
However, Senior Vice President James Heyworth--former president and chief executive of Time’s Home Box Office unit--will look for another job because “there is no position in the new structure that is suitable for him, given his experience and level of responsibility,” Time said.
