Time Inc plans to slash jobs

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Time Inc., the magazine and book publishing division of Time Warner, will eliminate 100 jobs as part of a restructuring intended to simplify its corporate structure and free up resources to reinvest in higher-growth online activities.

As part of the restructuting, Ann Moore, chief executive of Time Inc, the world’s largest magazine group, named Nora McAniff, vice president of the women’s, entertainment and luxury group, and John Squires, vice president of the sports and leisure group, as the division’s first-ever joint-chief operating officers. The appointments are intended to streamline a structure in which 10 operating executives and magazine heads had previously reported directly to Ms Moore.

“This move is part of a larger Time Inc. effort to simplify our management structure, speed decision making and reduce costs,” Ms Moore said.

Time Inc, which is struggling to maintain its growth amid challenges from the internet, cable television and other media, is expected to plow some of the savings into its new CNNMoney.com financial site, which will launch next year.

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