Time Book, Magazine Chiefs in Job Swap
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NEW YORK — The chief executives of Time Inc.’s magazine and book divisions will swap jobs in a move intended to “reinvigorate” both units, Time said this week.
Kelso F. Sutton, 47, chief executive of Time’s magazine group, will become chief executive of the book publishing unit, the company said, while Reginald K. Brack Jr., 49, will take Sutton’s job.
The magazine unit is the nation’s largest, with 1985 revenue of about $1.5 billion. Time’s book publishing division was recently expanded with the acquisition of textbook publisher Scott, Foresman & Co., and is expected to report revenue of about $850 million this year.
About $200 million of that will be from the Scott, Foresman unit.
The swap, which is effective immediately, “is a reinvigorating experience that will enable both groups to enjoy fresh perspectives,” J. Richard Munro, Time chief executive, said in a statement.
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