The decision to shutter the title came late last week, said Publisher Michael Dukmejian. "The category just evaporated," he said. "Since we bought this magazine in [June] 1998, the mutual fund ad category's pages are down 80%. ... Generally we get very nervous around here when an ad category is off 10%."
Ad pages down 25%
Through August, ad pages
The move affects 33 staffers, although Mr. Dukmejian will become publisher of the company's personal-finance title Money. He replaces Kathy Kayse, who today was named publisher of People magazine -- a position that had been vacant following Peter Bauer's promotion to president of People in August.
Elsewhere in Time Inc. today, People's associate publisher, Paul Caine, was named publisher of Teen People. Mr. Caine replaces Anne Zehren, who is taking a leave of absence.