Fortune editor Alan Murray will become the chief content officer of Time Inc. as the company undergoes a sweeping transformation that seeks to de-emphasize its portfolio of magazines, according to multiple reports.

Murray's appointment confirms the speculation that Norm Pearlstine, the current chief content officer at Time Inc., will be stepping aside, as had been reported in June by Vanity Fair.

Murray's appointment was reported first by The New York Times.

"Insiders" told The New York Post Wednesday that Murray's appointment would coincide with a broad remaking of the storied magazine company that would see expanded digital offerings.

As in any restructuring, there is expected to be some downsizing. News on that front may not happen until next week, after the bigger macro-changes are unveiled, according to insiders.

Time Inc is the publisher of several major magazines, including Time, Fortune, Food and Wine and People.

Before arriving at Time in 2014, Murray was president of the Pew Research Center. He replaced Andy Serwer, who had worked there for nearly three decades.