Walsh will become chairman of a Packer-related company, ACP International, to produce new titles and "pursue his own publishing interests".
Colin Morrison, managing director of ACP will assume Walsh's CEO role. ACP will be split into three groups with each publisher reporting to Morrison. Nene King, editorial director of ACP, becomes publisher of the company's mass market titles; Nick Chan, chief operating officer, becomes publisher of young women's and lifestyle magazines; and Tim Trumper, who joined ACP from Murdoch Magazines a fortnight ago, is publisher of ACP's specialist titles.
In the last financial year, ACP's earnings dropped by 6.4%, blamed on rising paper costs, while revenue increased by 2.4% to $210m.
Copyright December 1996, Crain Communications Inc.