Time Inc., the nation's largest magazine publisher, is reorganizing its executive suite.
Executive VP Evelyn Webster, who oversees the company's lifestyle titles including InStyle, will assume responsibility of Time Inc.'s entire U.S. portfolio, excluding People and Entertainment Weekly, according to an internal memo from Time Inc. CEO Joe Ripp that was distributed Wednesday morning.
Her appointment is effective immediately. "She has done a terrific job managing our fashion, luxury and lifestyle brands," Mr. Ripp said in the memo.
Todd Larsen, an exec VP who had overseen Time, People, Entertainment Weekly, Fortune, Golf and Sports Illustrated, is leaving the company at the end of December. Mr. Larsen, a former Dow Jones executive, joined Time Inc. in 2012 and was named to his current post amid a restructuring earlier this year that split management of the company's magazines between Mr. Larsen and Ms. Webster, who was named one of Ad Age's Women to Watch this year.
His departure marks the latest in a string of exits at Time Inc. On Tuesday, Jed Hartman, group publisher of Time, Fortune and Money magazines, said he was leaving to become chief revenue officer at The Washington Post. Also leaving in recent weeks are Time magazine's head of print and digital ad sales, Moritz Loew, and InStyle Publisher Karin Tracy, who was succeeded by Wall Street Journal exec Nina Lawrence.
Mr. Larsen, who did not immedidately respond to an email from Ad Age, "was instrumental in jump-starting the growth of our digital audiences and oversaw our successful launch into video in addition to managing high-profile brands," Mr. Ripp said in his memo.
With oversight of People, Mr. Larsen led Time Inc.'s biggest cash cow, responsible for roughly 20% of its revenue. But advertising revenue across its weekly titles fell during the third quarter, leading Time Inc. to revise its revenue outlook downward on the year to $3.27 billion from $3.3 billion. "Our print advertising revenue performance is disappointing," Mr. Ripp told investors last month.
The company is now looking to hire a president for People and Entertainment Weekly.
This week, Mr. Ripp said at Business Insider's Ignition conference that he expects print magazine revenue to continue to decline. Against this backdrop of shrinking print sales, Time Inc. is looking to radically reinvent itself as more than just a print publisher.
Time Inc. reported third-quarter ad revenue of $428 million, about the same as a year prior, with gains in digital advertising helping offset print declines.