Mr. Carey, 40, joined Gruner & Jahr on Jan. 24 of this year, lured by its new president Dan Brewster to oversee new Business Information Group formed by the purchases Fast Company and Inc. He will begin Aug. 13.
Mr. Carey had an incentive-based five-year contract with Gruner & Jahr USA Publishing, but, contrary to earlier press reports, it was not a binding employment contract. According to executives close to the situation, Mr. Carey is said to have a two-year contract with Conde Nast Publications for The New Yorker.
Gruner & Jahr is under considerable pressure to make its investment in the two business titles pay off. With the economic downturn, this year is shaping up to be a particularly difficult first year for the business group. For the first half of this year, Fast Company was off 47.2% in ad pages to 512.01, according to Publishers Information Bureau, while Inc. was off 44.3% to 478.51. The New Yorker was down just 4.6% to 1,100.18 pages.
His predecessor at The New Yorker, David Kahn, also 40, has been put in charge of creating a new business unit within Advance Publications, parent of Conde Nast. The unit, to be known as Conde Nast Image Center, will market vintage original prints and photographic reproductions, and oversee the sale and licensing of digitized images of archival material. Mr. Kahn's appointment as president of that unit is effective immediately. -- Ann Marie Kerwin