Time Inc names Sue D'Emic as CFO in latest management shuffle
- Wall Street hits new high as post-election rally roars ahead
- ECB to scale back asset buys as it extends to end-2017
- lululemon athletica (LULU) Tops Q3 EPS by 4c; Adj.-Comps Outpaced Views
- Oil rises above $50 despite doubts over OPEC output cut
- Pre-Open Stock Movers 12/08: (VYGR) (TLRD) (LULU) Higher; (OHRP) (VRNT) (CMTL) Lower (more...)
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
(Reuters) - Time Inc (NYSE: TIME), the publisher of Sports Illustrated, People and Time magazines, said Chief Financial Officer Jeff Bairstow will leave the company after a three-year stint and would be succeeded by Senior Vice-President Sue D'Emic.
Bairstow, 57, will remain in the role till Nov. 7 and will stay on in an advisory role till March next year, the company said on Tuesday.
Time had appointed Rich Battista as its chief executive last month, succeeding Joe Ripp.
The latest management shuffle comes nearly two months after activist investor Jana Partners revealed a 5 percent stake in the company.
Time, like many publishers has been hit by a fall in print ad sales as advertisers spend more on other media.
The company's print ad revenue which accounts for 70 percent of ad sales, fell 12.8 percent to $299 million in the last quarter, from a year earlier.
Up to Monday's close, shares of Time had fallen 15.4 percent this year.
(Reporting by Laharee Chatterjee; Editing by Shounak Dasgupta)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Time (TIME) Selects President-Elect Trump as '2016 Person of the Year'
- Lufthansa CEO sees no further pilot strikes this year
- Column: How part-time work hurts U.S. workers' retirement security
Create E-mail Alert Related CategoriesReuters
Related EntitiesJANA Partners LLC, Barry Rosenstein
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!