Source says ex-Meredith president will be Time CEO
Time Warner Inc. will name Jack Griffin CEO of its Time Inc. publishing unit, replacing Ann Moore, according to a person with knowledge of the decision.
The person asked not to be identified because the decision hadn’t been made public late last week. Griffin left Des Moines-based Meredith Corp., where he was president of the national media group, on Aug. 2.
At Meredith, Griffin oversaw the print publications and digital properties of magazines including Better Homes and Gardens, Parents, Ladies’ Home Journal and Family Circle. He also ran integrated marketing, brand licensing and book publishing operations.
Griffin served as Meredith’s vice president of marketing from 1998 to 1999 and rejoined the company in 2003. He also has served stints at Parade magazine, owned by Advance Publications Inc., and The New York Times Co.’s magazine group.
Griffin is joining Time, owner of People, Fortune and Sports Illustrated, as magazine publishers search for ways to make money on the Internet and with new mobile devices such as Apple Inc.’s iPad. The unit has achieved profit growth this year through costs cuts and higher advertising sales, after several years of investors calling for its divestment.
Moore, a 32-year veteran of Time, is expected to remain chairman at Time, The New York Times reported.
In 2008, Moore oversaw the elimination of about 600 jobs, or 6 percent of Time Inc.’s work force, as profits plunged during the U.S. recession when marketers slashed spending.
Time Warner last week reported second-quarter earnings that beat analysts’ estimates, with operating income at Time Inc. rising 50 percent because of cost cuts. Advertising sales rose 4 percent.