NEW YORK -- Veteran Time editor Ray Cave has been appointed editorial director of Time Inc., the company said Tuesday.
Cave, who has been corporate editor of the $3.8 billion news and publishing company since 1985, had already been scheduled to take over as editorial director in December.
However, the earlier-than-expected departure last week of Henry Grunwald, Time's editor in chief, prompted both Cave and Grunwald's successor, Jason McManus, to assume their new jobs ahead of schedule.
Grunwald, who had been expected to retire in December, left early because he is being considered for a post in the Reagan administration as ambassador to Austria, Time said.
As Time's editorial director, Cave will help editor-in-chief McManus oversee publication of the company's magazine portfolio, including Time Magazine, Sports Illustrated, Fortune, Money, People and Life. The magazines have a combined worldwide circulation of 15.6 million.
Time's magazines accounted for 41 percent of total revenue last year or $1.6 billion.
Cave, 58, began his career at Time in 1959 as a writer for Sports Illustrated and is credited with increasing the use of color and attracting talented writers to the company's flagship newsweekly, Time, during his stint as managing editor from 1977 to 1985.
Cave has held various jobs at Time, including senior editor, assistant managing editor and executive editor.
Cave was named 'hottest editor of the year' by the industry trade magazine Adweek in 1983.