The announcement came just two months after Battista was promoted amid a broader restructuring at the publishing house.
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Ripp, 64, had a health scare a couple of weeks ago and stents put in to open clogged heart arteries, and made a decision to step down shortly after, according to two people familiar with the situation who wished to remain anonymous because the matter is private.
Ripp, 64, declined to describe the incident in more detail. He did not elaborate, but confirmed he would remain “actively involved” at Time Inc.in the role of chairman.
Battista, a 25-year veteran of the entertainment and media industry, joined Time Inc.in 2015 from Mandalay Sports Media, where he was CEO. He returned in 2013 as CEO just as the company was spun off from Time Warner. Relative newcomer Rich Battista will take the top job, the company announced Tuesday. “That’s what we are 100% laser-focused on”.
Time Inc. shares are down 25 percent in the past year.
Following three years of almost frenzied activity aimed at turning the No. 1 magazine publisher into a digital innovator, Joe Ripp has been replaced as chief executive of Time Inc. In January he was named president of the Entertainment & Sports Group. Then he was promoted again in July to oversee all US brands owned by the company.
Ripp, who had a five-year deal but is leaving after only three, will collect on his base salary through the contract’s expiration in 2018, according to an SEC filing. “Life is not always predictable”.
Most recently Time Inc. has been reorganizing again, naming Fortune editor Alan Murray to the additional post of chief content officer, switching editors back from reporting to the business side, parting ways with Exec VP Evelyn Webster, and structuring sales efforts around marketer categories more than in the past.
Asked about Rosenstein, Ripp responded, “No, I certainly doubt that he had anything to do with this change”.
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Ripp’s total compensation, including stock options, is $5.7 million.
