Jack Griffin has been ousted as chairman and CEO of Time Warner magazine division after just five months on the job, because his leadership style apparently didn’t suit his boss.
Griffin, 50, had been hired in September to lead Time Inc., a division that oversees some of the nation’s top magazines, including Time, Sports Illustrated and People. He previously had been an executive at Meredith Corp., the owner of Better Homes and Garden and Ladies’ Home Journal. He left that company in August with a $1.4 million severance package, according to documents filed with the Securities and Exchange Commission.
“Although Jack is an extremely accomplished executive, I concluded that his leadership style and approach did not mesh with Time Inc. and Time Warner,” Time Warner CEO Jeff Bewkes wrote in a Thursday memo to employees explaining his decision.
Bewkes said three Time Inc. executives, including editor-in-chief John Huey, will run the division until he hires Griffin’s successor. The other executives temporarily in charge include Howard Averill, Time Inc.’s chief financial officer, and Maurice Edelson, Time Inc.’s general counsel.
Griffin’s arrival at the company had seemed well-timed, given that the magazine industry was just starting to pull out of a prolonged slump brought on by a steep downturn in advertising.
Time, Sports Illustrated and People all brought in more ad revenue last year, with the increases ranging between 2% and 9%, according to the Publishers Information Bureau. The magazines are trying to generate more revenue by selling digital copies on computer tablets and mobile phones.
“With our deep and talented pool of employees, I’m confident that during this transitional period Time Inc. will continue to grow and prosper,” Bewkes assured employees Thursday.
