Griffin Officially Appointed CEO at Time Inc.
Current CEO Ann Moore to retire after more than three decades with company.
The reports last week were true. Time Inc. parent Time Warner announced Monday morning that former Meredith Corp. National Media Group president Jack Griffin will take over as CEO of the magazine publishing unit, replacing longtime chairman and CEO Ann Moore. Griffin will join the company at the end of September.
Moore, who has served 32 years with Time Inc., is set to retire, the company says. Moore will stay on as chairman through Griffin‚Äôs transition but will relinquish that role to Griffin as well upon her departure.
According to Time Warner chairman and CEO Jeff Bewkes, Griffin [pictured] is ‚Äúan exceptional executive who knows how to expand the reach and relevance of strong publishing brands, and he will be a champion of our high-quality journalism. As CEO, Jack will further advance our lead position in the industry and accelerate the expansion and innovation of our titles on all platforms.‚ÄĚ
¬†Griffin joined Meredith in 2004 as president of the publishing group AND was named president of the national media group last August. Late last month, Meredith reported net earnings for its 12-month fiscal 2010 of $103.96 million, up from a loss of $107.08 million during its fiscal 2009 calendar year. Revenues dipped slightly to $1.38 billion from $1.4 billion.
Meredith‚Äôs National Media Group, which publishes its magazines, reported a full-year operating profit of $167 million, an increase of 11 percent over 2009. Revenues dipped slightly to $1.11 billion, including $526 million in advertising revenue.
Last week, Time Warner reported that profits at its magazine publishing unit nearly tripled through the first six months of 2010 to $203 million. Revenues were flat at roughly $1.72 billion.
‚ÄúI have believed for some time that Jack is the right person to be the next CEO of Time Inc., and I couldn‚Äôt be more pleased that he will lead this company into the future,‚ÄĚ Moore says in a statement. ‚ÄúIt‚Äôs a vote of confidence in our strategy that Jeff and the board have landed one of the most experienced leaders in our industry.‚ÄĚ