NEW YORK -- Time Inc. Thursday announced a restructuring of its magazine group aimed at managing 'our costs in the most effective way.'
The magazine group, 11 magazines with a total circulation of 19.6 million, is to be managed by a four-man senior executive team led by Kelso Sutton, executive vice president of Time Inc., who becomes president and chief executive officer of the group.
John Meyers, publisher of Time magazine since 1978, becomes chairman of the group and senior adviser to Sutton. Richard Thomas, associate publisher and worldwide advertising director of Time, becomes the magazine's new publisher.
S. Christopher Meigher III, publisher of People, becomes a group publisher responsible for Time, Fortune, Money and Southern Progress Corp., a publishing firm. Donald Elliman Jr., publishing director of Time International, becomes People's new publisher.
Robert Miller, publisher of Sports Illustrated, also named group publisher, will be in charge of People, Sports Illustrated, Life and Discover. Donald Barr, associate publisher-advertising sales director of Sports Illustrated, becomes the magazine's new publisher.
Picture Week will continue to report to Sutton during its market test period, Time said.
Sutton said the restructuring 'will enable us to manage our magazines and, in line with corporate policy, our costs, in the most effective way' and 'improve growth and performance.'
The group's profits have tripled and revenues have doubled in the past five years, Time said. Time has 5,300 employees.