New York Post
Time Inc. will begin layoffs today -- about 500, Keith Kelly reports
. In a memo to staffers, Time Inc. CEO Joe Ripp says the company's plans require "substantive and sometimes painful changes to the way we operate and approach our business."
All Time Inc.'s U.S. brands "will be consolidated into a single portfolio under two executives, Evelyn Webster and Todd Larsen," Ripp writes. Executive Vice President David Geithner will leave, as will American Express Publishing CEO Ed Kelly. Mark Ford will become executive VP of advertising sales, Ripp says.
Kelly reports that AmEx Publishing's Executive Travel magazine will be shut down.
As Time Inc. approaches its planned IPO
, Ripp writes, "Wall Street’s focus will be on the performance of Time Inc. and on our ability to grow beyond print, embracing new technologies, new products, new markets, and new customers. Every employee in the organization needs to be fully invested in the performance of the company."
Ripp's full memo:
To: Time Inc. Colleagues
From: Joe Ripp
Re: Moving Forward
Since I returned to Time Inc. in September, we have made a lot of progress. We have built a seasoned executive team that has been working with many of you on ways we can stabilize revenues and redirect our spending for the future. We are launching initiatives to grow our digital scale and revenue, to generate new revenue streams and to enhance our core print business. We have a direction and I am confident we will be positioned to succeed when we become a stand-alone public company.