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Time Warner reveals Time Inc. board

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Social Links for Keith J. Kelly
Published April 22, 2014, 1:57 p.m. ET

Time Warner revealed the full 10-member board of Time Inc. on Tuesday ahead of the planned spinoff of the publishing unit.

In addition to chairman and CEO Joe Ripp, the headliners include Howard Stringer, former CEO of Sony Corp., and USA Networks founder Kay Koplovitz, who has run her own advisory firm since selling the cable channel for $4.5 billion 16 years ago.

The other directors are:

  • John Fahey, non-executive chairman of the National Geographic Society, where he was previously CEO.
  • Dennis Fitzsimmons, who retired from Tribune Co. in 2007 after selling the company to real-estate developer Sam Zell.
  • David A. Bell, chairman and CEO of Slipstream Communications and a former CEO of the ad agency giant Interpublic Group.
  • Manuel Fernandez, former chairman, president and CEO of Gartner Inc., a Stamford, Conn.-based IT advisory firm.
  • Betsy Holden, a McKinsey & Co. senior adviser and former co-CEO of Kraft Foods.
  • J. Randall MacDonald, CEO and managing partner at Windham Mountain Partners and retired senior vice president of human resources at IBM.
  • Ronald S. Rolfe, former partner, litigation at white shoe law firm Cravath, Swaine & Moore.

“I am confident this board will provide sound independent judgment and guidance to the management team as it works to build and grow the business,” Time Warner CEO Jeff Bewkes said in a statement.

Time Inc. will be saddled with $1.4 billion in debt, in part to pay Time Warner for the IPC Publishing division in the UK, which has been managed as a Time Inc. division but is carried on the books as a Time Warner subsidiary.

Any leftover money after the acquisition will go to Time Warner shareholders in the form of a one-time special dividend. Time Inc. will keep the estimated $100 million in cash currently on its books.

The Time Inc. board will be tasked with finding new revenue for the declining, but still profitable, publishing division. Last year, Time Inc. generated revenue of $3.3 billion and $400 million in earnings before interest, taxes, depreciation and amortization. Revenue has dropped in 22 of the last 24 quarters.