Lisa Long, executive vice president, and her husband, Dave Long, president of Media Sales, will leave the company at the end of July, according to an internal memo from Chairman-CEO Don Logan that was sent to company staffers this morning.
Mr. Long, 54, and Ms. Long, 51, had informed Mr. Logan in January that they intended to retire to North Carolina at the end of the year. Mr. Long said the buyout offer stepped up the couple's timetable.
More than 530 buyout packages were sent to Time Inc. staffers from May 23 to May 25, a Time Inc. spokesman said. To be eligible for the buyout, the employee has to be over 50 years old and have worked at the company for 15 years.
Mr. Long began at Time Inc. in 1978 as a Chicago-based ad rep for Sports Illustrated was that magazin'es publisher for four years beginning in 1993. Ms. Long began in Time's circulation department in 1979. Prior to her being named executive vice president in 1995, she was publisher of Life, Time and People.
No decision has been made yet on who will succeed either executive. -- Jon Fine
Copyright May 2001, Crain Communications Inc.