Pearlstine returns to Time Inc to lead reorganization

Reuters

By Jennifer Saba

Oct 31 (Reuters) - Norman Pearlstine is leaving Bloomberg LPto return to Time Inc in the newly created position of executivevice president and chief content officer as the magazinepublisher moves to split with Time Warner Inc.

The return of Pearlstine to Time Inc is a homecoming for theman who was the company's editor-in-chief from 1994 through2005.

The move is also part of a broader push at the publisher ofSports Illustrated, People and Time, as it creates a newstructure under the leadership of CEO Joe Ripp. Editors will nowreport to the business unit heads, as opposed to a singleeditor-in-chief. Martha Nelson, who currently serves that role,is leaving the company.

"Time Inc decentralized to make sure the editors and contentcreators are very close to the business," Ripp said.

Pearlstine will oversee editorial policies and havedotted-line responsibility for editors.

"In talking to Joe Ripp he recognized our industry is inextraordinary turmoil," Pearlstine told Reuters. "We have a lotof work to do to make sure we make great use of our assets."

For the last five years, Pearlstine served as the chiefcontent officer at Bloomberg and helped expand the financialnews and information company's magazine, TV, radio and digitalproperties. Prior to that he served as a senior adviser to theprivate equity firm the Carlyle Group LP.

"Norm has been an invaluable advisor to me and our entireleadership team," Bloomberg CEO and president Daniel Doctoroffsaid in a statement, in which he thanked Pearlstine for hisservice.

It is unclear if Bloomberg, whose core business is sellingterminals that provide news and data to financial institutions,will fill his role.

Pearlstine, who also worked more than 20 years for the WallStreet Journal, said he was intrigued by the opportunity to workfor a publisher that targets consumers.

"What is core to Time Inc is consumer magazine, consumerwebsites, events tied to consumers. I frankly missed it morethan I thought I would."

Time Inc also said on Thursday it hired American Express executive Lynne Biggar as executive vice president ofconsumer marketing and former News Corp attorneyLawrence Jacobs as executive vice president and general counsel.

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