Paul Caine, the chief revenue officer at Time Inc. as well as an exec VP and president-advertising, is leaving the company to become CEO at the radio syndicator Dial Global, effective April 5. A successor has not yet been identified.
The departure of Mr. Caine, a 23-year company veteran whose previous posts included publisher of People magazine and president of the style and entertainment group, comes two weeks after Time Inc. parent Time Warner said it will spin the publishing division off into a separate company.
Time Inc. CEO Laura Lang is not staying on after the separation is completed later this year, leaving the company with a lame-duck chief executive until a successor can be installed. Mr. Caine is just one executive in a company still well-stocked with talent, even after laying off 500 employees in January. But his exit now emphasizes the possibility that key players will depart as the company enters a new, uncertain stage.
At Dial Global, whose programming includes NFL games and CBS Radio News, Mr. Caine will try to expand the company's business on mobile platforms, the company said in a statement. "We have premium content, top-tier distribution, and prestigious live event assets," he said in a statement. "Our opportunity is to expand these experiences for consumers, broaden our repertoire of content partners, and integrate our on-air, digital and live event offerings to create compelling engagement for advertisers."
Time Warner has begun to consider candidates to run the newly independent Time Inc., aided by the groundwork laid in the recent search that only settled on Ms. Lang in late 2011.
As she announced Mr. Caine's exit today in an email to staff, Ms. Lang said the company is seeing signs of success. "Time Inc. is off to a solid start in 2013 and seeing real momentum thanks to our strong sales force across brands and the dynamic team of publishers," said Ms. Lang, who is working with Time Warner to identify Mr. Caine's successor. "Year-to-date through February, we hit our highest advertising share in over ten years and so far in Q1 we are up in ad pages for the first time since the second quarter of 2011."
Dial Global's current CEO, Spencer Brown, and the company's president, Ken Williams, are leaving April 5, Dial said today.
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