UPDATE 1-Pearlstine returns to Time Inc to lead reorganization
Oct 31 (Reuters) - Norman Pearlstine is leaving Bloomberg LP to return to Time Inc in the newly created position of executive vice president and chief content officer as the magazine publisher moves to split with Time Warner Inc.
The return of Pearlstine to Time Inc is a homecoming for the man who was the company's editor-in-chief from 1994 through 2005.
The move is also part of a broader push at the publisher of Sports Illustrated, People and Time, as it creates a new structure under the leadership of CEO Joe Ripp. Editors will now report to the business unit heads, as opposed to a single editor-in-chief. Martha Nelson, who currently serves that role, is leaving the company.
"Time Inc decentralized to make sure the editors and content creators are very close to the business," Ripp said.
Pearlstine will oversee editorial policies and have dotted-line responsibility for editors.
"In talking to Joe Ripp he recognized our industry is in extraordinary turmoil," Pearlstine told Reuters. "We have a lot of work to do to make sure we make great use of our assets."
For the last five years, Pearlstine served as the chief content officer at Bloomberg and helped expand the financial news and information company's magazine, TV, radio and digital properties. Prior to that he served as a senior adviser to the private equity firm the Carlyle Group LP.
"Norm has been an invaluable advisor to me and our entire leadership team," Bloomberg CEO and president Daniel Doctoroff said in a statement, in which he thanked Pearlstine for his service.
It is unclear if Bloomberg, whose core business is selling terminals that provide news and data to financial institutions, will fill his role.
Pearlstine, who also worked more than 20 years for the Wall Street Journal, said he was intrigued by the opportunity to work for a publisher that targets consumers.
"What is core to Time Inc is consumer magazine, consumer websites, events tied to consumers. I frankly missed it more than I thought I would."
Time Inc also said on Thursday it hired American Express executive Lynne Biggar as executive vice president of consumer marketing and former News Corp attorney Lawrence Jacobs as executive vice president and general counsel.