Clifton Leaf will succeed Alan Murray as editor in chief of Fortune, ending months of speculation over who would take the reins of the gilded finance magazine.

Murray, who was promoted to chief content officer of Time Inc. in July, retained his role as editor in chief of Fortune months after his appointment. He is being named president of Fortune, and Leaf will report to him.

“Cliff Leaf has proven himself to be the perfect person to lead Fortune’s editorial efforts, in print, digital, and live events," Murray said in a statement. "He has a fine eye for great stories, an effusive leadership style, and I’m sure he’ll do great things in this new assignment."

Leaf, who was previously deputy editor at Fortune, becomes editor at an uncertain time for the storied magazine company. Time Inc, which also publishes Time, People and Sports Illustrated, is said to be entertaining acquisition offers from suitors including Meredith Corporation. The company was reorganized in recent months, a move that saw the Time Inc. lay off more than 100 employees.

Leaf is Fortune's 18th editor since the magazine's founding in 1930. Adam Lashinsky will become executive editor at Fortune.

Correction: A previous version of this story said Adam Lashinsky will become executive editor at Time. He is executive editor of Fortune.