Diamandis Communications Chief Fired

Hachette Publications Inc. has terminated Peter Diamandis as chairman and chief executive of Diamandis Communications Inc. a little more than two years after buying out the magazine publishing firm.

Hachette added that Diamandis Communications, which publishes more than a dozen magazines, including Elle, Woman’s Day and Audio, was being renamed Hachette Magazines Inc.

Hachette also terminated Robert Spillane, Diamandis’ executive vice president, and Arthur Sukel, its vice president and chief financial officer.

Daniel Filipacchi, chairman of French-based Hachette, will take over Diamandis’ responsibilities.

Hachette bought out Diamandis for $712 million in June, 1988.

Hachette shares have been under pressure recently on the Paris stock market, in part because of the company’s high debt. The firm, which also has interests in television, radio, movies and books, this year tried to lower that debt by selling the profitable Woman’s Day but later took it off the block.

The company said Diamandis had a contract that ran through Dec. 31, but it was terminated by mutual consent.