New chief for Times Mirror Magazines

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In a major shakeup at Times Mirror Magazines, the group's president and CEO, Francis Pandolfi, was removed from day-to-day operations and replaced by Skip Zimbalist, most recently VP of strategic planning at Times Mirror Corp. in Los Angeles. Mr. Pandolfi remains with the company as chairman of the magazine group but will report to Mr. Zimbalist. The magazine unit makes up the bulk of the consumer media group within Times Mirror. In the most recent quarter ended June 30, the unit's revenue dropped to $66.9 million from $67.8 million a year earlier, while its operating loss widened to $7.1 million from a loss of $1.3 million a year earlier. Since then, newly installed CEO Mark Willes has instituted measures to wipe out the multimedia unit and to reduce Times Mirror's investment in cable channels.

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