Time Inc., which publishes magazines from People to Sports Illustrated, has hired consultant Bain & Co. to help it find ways to grow, employees learned today in a memo from CEO Laura Lang, whose tenure appears to be shifting into gear.
Time Inc. Taps Bain as Consultant as Two Executives Leave
"We need to find areas where we can ... place big bets and get back on a revenue growth trajectory," Ms. Lang wrote in a staff memo. "We can only accomplish this if we have a very clear assessment of the landscape in which we operate and a cohesive strategy."
Two top executives, Chief Marketing Officer Stephanie George and Exec VP-Consumer Marketing Steve Sachs, are also leaving Time Inc, the memo said.
Ms. Lang joined Time Inc. from Digitas in January, ending a long vacancy created when the previous CEO ran afoul of longtime executives. She has been learning about publishing, in which she has no background, and seemed to be moving more cautiously than her predecessor.
Ms. George's exit clears the way for another executive's star to rise higher. Paul Caine, exec VP and chief revenue officer, will absorb Ms. George's duties and begin reporting directly to Ms. Lang instead of Chief Financial Officer Howard Averill.
Ms. Lang also named Mr. Caine to a newly created Office of the Chief Executive, comprising Mr. Caine, Mr. Averill, General Counsel Maurice Edelson and Editor-in-Chief John Huey. Mr. Averill, Mr. Edelson and Mr. Huey had run the company on an interim basis while parent company Time Warner sought a new CEO.
Read the full memo:
March 8, 2012
To: Time Inc. Colleagues From: Laura Lang Re: Time Inc. Update
In my first two months, I have had the opportunity to meet many of you, and I am inspired by your passion and dedication. As we begin to develop our long-term strategy for Time Inc., I wanted to update you on where we are and on a few changes to our executive team.
I have been struck by the power of our brands and the real innovation I have seen inside these walls.
There are amazing things going on across the Company.
I came here because I wanted to be part of a winning team -- a team that believes this can be a growth business.
You are that team. Over the next few months I will be asking many of our senior leaders to join me in creating a roadmap to capture this potential growth.
To support our effort we have engaged an outside resource -- Bain & Company -- to offer further perspective on market and consumer trends as we begin to articulate our plan.
We need to find areas where we can double down, place big bets and get back on a revenue growth trajectory. We can only accomplish this if we have a very clear assessment of the landscape in which we operate and a cohesive strategy.
I'm very excited by this effort and you'll be hearing more about it over the next few months.
Turning to our executive team, it is with mixed emotions I inform you that veteran Time Inc. executive Steve Sachs has decided to leave the Company in June to relocate to Austin, Texas. It's a lifestyle move he has contemplated for some time and one that will bring him closer to his extended family. While we will all miss Steve's innovative spirit and his thoughtful leadership in marketing our brands to a broad range of consumer audiences as Executive Vice President, Consumer Marketing and Sales, I understand his desire to make a change after so many years of service to the Company.
Over the next few months Steve will work with me to conduct a wide search inside and outside Time Inc. for the right person to fill this important leadership role.
Separately, Stephanie George, Executive Vice President and Chief Marketing Officer has decided to launch a new chapter in her life after more than 30 years in the publishing business.
I have appreciated Stephanie's counsel and am sorry we will not get the chance to work closely together over the long-term, but I'm pleased she has agreed to stay until the end of June to work with me on a number of special projects. She has made enormous contributions to Time Inc. over the years -- from transforming In Style into a global brand, to later leading the company to record gains in share of market as President of Advertising Sales and Marketing.
Over the next few months, she will continue to represent us on the MPA and American Express Publishing boards.
Paul Caine, Executive Vice President and Chief Revenue Officer, will take on the additional role of overseeing our corporate marketing efforts and will now report directly to me.
Finally, I am establishing an Office of the Chief Executive which will be comprised of my core leadership team of Howard Averill, Maurice Edelson, John Huey and Paul Caine.
Please join me in wishing Stephanie and Steve all the best as they move on to new things and congratulating Paul on his added responsibilities.
I look forward to meeting more of you over the coming weeks and months as we work together to navigate our future.