'Fortune' Names Andy Serwer Managing Editor

Columnist Replaces Eric Pooley, Who Will Work on Unspecified Time Inc. Assignment

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NEW YORK (Adage.com) -- Time Inc. has replaced the top editor at Fortune magazine, Eric Pooley, with Andy Serwer, the longtime Fortune columnist and editor at large who is also well-known as the business anchor on CNN's "American Morning." Mr. Serwer took over as managing editor today.
Andy Serwer
Andy Serwer

Mr. Pooley, 47, had been managing editor for just 19 months. He is leaving Fortune to work with Time Inc. Editor in Chief John Huey and Managing Editor Jim Kelly on an assignment the company would only say "plays to his strengths in investigative journalism."

At the helm of 'Fortune'
During Mr. Pooley's time at the helm of Fortune, average paid circulation held steady: The magazine reported average paid and verified circulation of 852,818 for the first six months of this year, essentially unchanged from the 857,309 it reported for first half of 2005.

But like most business books, Fortune has seen ad sales slide lately. Its ad pages fell 9.8% in 2005 and lost another 5.6% from January through September, according to the Publishers Information Bureau.

In an internal memo, Mr. Huey said Mr. Serwer's online column nine years ago made him one of the company's first internet stars. That did not appear incidental in today's move.

'A multimedia proposition'
"We all know that the world of business journalism has increasingly become a multimedia proposition, involving not only the magazine but its brand representations on the internet, on television and radio -- wherever the reader wants his or her information," Mr. Huey said. "And no one is more qualified to lead Fortune on those multiple fields of battle than Andy."

Mr. Huey himself was managing editor at Fortune for six years starting in 1995, pleasing his bosses enough that he was given additional oversight of Money magazine in 1997 and was named Fortune Group editor in 2001. He became Time Inc. editor in chief last January.

Mr. Serwer will continue to appear regularly on CNN, which, like Time Inc., is owned by Time Warner.
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