Time Inc. names Battista as new CEO, Ripp stays on as board chairman
Time Inc., the magazine publisher that owns Time and People, said Tuesday Rich Battista has been promoted to president and CEO, replacing Joe Ripp.
Ripp, who has led the company since it was spun off from Time Warner in June of 2014, will stay on as executive chairman of the board. After spending much of his career at Time Inc. and Time Warner, Ripp left and led other companies. He returned in 2013 to lead Time Inc. through the spin-off.
"Joe came back to Time Inc. to steady the ship, but never planned to stay forever," said Time Inc. spokeswoman Jill Davison. "He feels that now is the right time to pass the baton. The company’s foundation is strong and it’s the right time for Rich to take over as CEO."
Battista had been executive vice president of Time Inc. and led its brands. He joined Time Inc. last year after serving as CEO of Mandalay Sports Media.
With print advertising revenue continuously falling, Time Inc. has reorganized management and staffing in recent months in hopes of generating more digital advertising revenue and breaking down silos across its 24 magazine brands. And Battista “has significant experience in launching, building and managing large-scale businesses across various media platforms,” the company said in a statement.
Time Inc. also affirmed "pacing expectations" for third quarter revenues and operating expenses that were disclosed on its second quarter earnings call on Aug. 4th.
Shares of Time Inc. were down 0.14% in early Tuesday trading to $14.45.
“We have made real progress in the transformation into a multimedia, multi-platform enterprise. As we look to the next phase of our strategy, Rich is the right choice to execute our plans and deliver shareholder value,” Ripp said in a statement.
Prior to working at Mandalay Sports, Battista held senior management roles at Fox Television and was also CEO of Gemstar-TV Guide International from 2004 to 2008.
He graduated from Georgetown University and earned an MBA from Harvard Business School.