Another Time Inc. Veteran Leaves

Exec VP Mike Klingensmith Decides to Retire

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NEW YORK ( -- Another long-serving executive is departing Time Inc.: Mike Klingensmith, exec VP since June 2001 and a 30-year veteran, has decided to leave early next year, according to a staff memo circulated today by Chairman-CEO Ann S. Moore.

Nora McAniff, who had been co-chief operating officer and a longtime Time Inc. star, left the company last March to do "something completely different." Dave Morris, president and publisher of Entertainment Weekly as well as a 21-year company man, left earlier this week after Paul Caine was promoted above him to lead the new entertainment group.

Mr. Klingensmith had once been considered a contender for the position eventually won by Ms. Moore. He was founding president and publisher of Entertainment Weekly and at various points held titles including president of Sports Illustrated, general manager of Time magazine and chief financial officer of Time Inc. Magazine Co. In his most recent position, he oversaw corporate groups such as strategic planning, law and production. He is vice chairman of the board at the Magazine Publishers of America.

Mr. Klingensmith is one of four executive VPs, including Senior Exec VP John Squires. Ms. Moore said a transition plan for Mr. Klingensmith's duties was in the works.

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Ann Moore's Memo to Staff Announcing Departure

October 25, 2007
To: Time Inc. Employees
From: Ann Moore
Re: Staff Announcement

After more than 30 years at Time Inc., Mike Klingensmith has decided to retire from his position as Time Inc. Executive Vice President. His retirement will take effect shortly after the beginning of next year.

Mike was named Executive Vice President of Time Inc. in June 2001. In this role he has overseen many of Time Inc.'s corporate groups including Strategic Planning, the Law Department, Production, and Administrative Services and has overseen or served on Boards of most of Time Inc.'s acquisitions and ventures including American Express Publishing, Time4 Media, Grupo Editorial Expansión, Bookspan and Synapse. For the past two years he has also served as the Vice Chairman of the Board of the Magazine Publisher's Association, which is an indication of his stature within our industry. We have been fortunate to have him as a trusted advisor for the past five years.

During his outstanding career at Time Inc. Mike also served as President of Sports Illustrated from 1998 to 2002, where he oversaw the SI group during a period of remarkable growth as the brand expanded to television and the internet, and as President and founding Publisher of Entertainment Weekly where he was also co-creator of the magazine. His other roles have included Chief Financial Officer and Senior Vice President of what was then the Time Inc. Magazine Company, Circulation Director at four different magazines as well as Time Inc.'s Group Circulation Director and General Manager of Time worldwide. Mike's dedication to each of his roles and to the company has made a lasting impact at Time Inc. and I know I and many others will miss working alongside him.

Mike tells me that he has several interesting ideas he's thinking about -– of course I'm aware of his long held interest in becoming Commissioner of Baseball -- and that he could be convinced to be "open to other opportunities" that may pursue him! Mike also wanted me to express all of our appreciation to his longtime executive assistant, Jane Collins, who will be retiring as well.

We will be working on a transition plan for the functions that report to Mike, but in the meantime I want to thank him for his many years and countless contributions to Time Inc.

Please join me in wishing Mike all the best.
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