TIME Editor-in-Chief and CEO Edward Felsenthal sent the following memo to staff on Monday:
This month marks four years since Marc and Lin Benioff became owners of TIME and I took on the joint role of editor-in-chief and CEO. What an amazing journey we’ve been on since then – working together as founders to launch this amazing brand into its second century. Today, thanks to this amazing team and the commitment of our owners, we are a completely different company than we were in November 2018.
We have significantly expanded our editorial impact and our business success. We went from declining revenue to sustained revenue growth. We have transformed from a company built primarily around print to a diversified media company with a film and television studio generating more than $100 million in revenue and bringing our Emmy total to 17 nominations and 4 wins; a global events business that didn’t exist before and now brings in eight figures; award-winning branded content studio; an industry-leading web3 community; our newly acquired website building platform, TIME Sites; our C02 sustainability division, which will help companies move towards net zero and a positive attitude towards nature; and more. Our journalism spans the globe, reaching 100 million people across all our channels, and our magazine remains the largest print news title in the US with 1.3 million subscribers.
As we continue to grow, I’m pleased to announce that Jessica Sibley, an exceptional media executive who built her career leading global revenue teams, will join us as CEO on November 21st. I will continue to serve as editor-in-chief and take on the role of executive chairman. I’m excited to return my primary focus to our content and support Jess and company as we continue to grow the brand and business.
I look forward to all of you meeting Jess, who has an outstanding reputation as a team leader and driver of growth. She joins us from Forbes, where she was most recently COO, responsible for all revenue and operations. She led Forbes to consecutive years of record revenue and launched many innovative products.
I’ve known Jess personally since the early 2000s when we worked together at The Wall Street Journal launching new products. She was then, and remains, one of the most innovative media executives I have worked with in my career. I watched in awe as she became publisher of Bloomberg BusinessWeek and rose to major leadership positions at media companies including Conde Nast and Forbes.
Please join me in congratulating Jess and welcoming her to TIME.
For more information, read the Press Release: TIME appoints Jessica Sibley as CEO.
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