Business

Ousted Time Inc CEO Griffin fires back about reason for departure

Jack Griffin, the ousted CEO of Time Inc. has fired back at Time Warner CEO Jeff Bewkes who blamed yesterday’s firing on a clash of management styles.

Said Griffin in his first public response, “I was recruited and hired by Time Warner to lead the business transformation of Time Inc., based on my clear record of success and results in the industry. This continued at Time Inc., with the consistent and documented acclaim of Time Warner’s senior management. Every action I took over the past six months was made with that ultimate goal in mind. My exit was clearly not about management style or results. I leave behind a first rate team and wish them all the best of success.”

In his memo yesterday to all Time Inc. employees, Bewkes had blamed the rupture on a management style clash.

“Although Jack is an extremely accomplished executive, I concluded that his leadership style and approach did not mesh with Time Inc. and Time Warner,” Bewkes wrote to Time Inc. employees last night.

Some insiders had said Griffin’s style was “too militaristic” and many chaffed at some of the new executives and consultants he brought in to help him restructure the business. “He was a ‘my way or the highway ‘ type of guy,” said one internal critic.

“I have to give Bewkes props, he realized it wasn’t working and he decided to rip the band aid off,” said another insider.

But another rumor making the rounds was the Griffin was overthrown by a palace coup of disgruntled executives who pleaded their case to Bewkes who acted because he feared other executives might suddenly exit after collecting their annual bonuses in March.

Griffin, who had been running Meredith Corp.’s magazine with titles such as Better Homes & Gardens and Ladies Home Journal had been picked to succeed Ann Moore last August to run Time Inc., the world’s largest publisher with titles including Time, People, Sports Illustrated and In Style. it was the first time an outsider had been picked to be the CEO.

Moore, who held the top job for eight years, had been with the company 30 years before Bewkes forced her out with a year remaining on his contract. Griffin’s choice, which was first reported by The Post in August, was a surprise to many inside and outside the company.

He started in late September in what was believed to be a three year contract and began a whirlwind round of restructuring during his first 100 days.