Time Inc. CEO Joe Ripp is on the hunt for the best person for People.
Ripp has hired a head -hunting firm Edon Zehnder to find an executive to head up the company's number one moneymaker, People, as well as its sister title Entertainment Weekly.
Egon Zehnder's Calvin Yee did not return a call or e-mail by press time but a Time spokeswoman on Thursday confirmed that he search is indeed under way.
In his latest quarterly report to Wall Street Wednesday, Ripp had signaled that the weeklies were "disappointing."
"Late in the quarter, our print advertising revenues weakened principally across our entertainment news and sports titles, and these booking trends have continued into the fourth quarter," he said.
It is one of the main reasons the company lowered its revenue forecast for the year, and it triggerd a selloff in Time Inc. stock that caused its share price to tumble 6.9 percent to $21.32 on Tuesday.
After the market closed, one analyst William Bird, at FBR Capital Markets switched its rating from "market perform" to "outperform" and set a target price of $27 a share.
"Results showed tight expense controls and improved digital performance," said Bird. It helped nudge the stock Wednesday but the advance stopped abruptly Thursday when it finished unchanged at $21.60.
Most Time Inc. watchers know that a robust People — on the print and digital front — is crucial to the company's long-term success. People had a one-day record of 16.1 million unique visitors for its Britney Maynard coverage, the woman with brain cancer who took her life in an assisted suicide death.
But its lackluster performance on the ad and circulation front in print is one reason for the mid-year malaise at Time. People is responsible for 20 percent of the company's revenue, and it is believed an even greater share of its profit.
The executive would report to Todd Larsen, who is in charge of all the company's weeklies but who sources say has been on the hot seat lately.
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