CAINE’S MUTINY: Paul Caine, Time Inc.’s chief revenue officer and once a likely chief executive officer candidate, is leaving the company at the end of the month. He will be the new ceo of Dial Global, a syndicator of radio programming. Caine’s exit follows several tumultuous months at the publisher that saw the layoffs of 6 percent of its work force, failed negotiations with Meredith Corp. to merge their women’s-interest magazines and the eventual decision by Time-Warner to spin off the division as a publicly-traded company — which lead to the resignation of current ceo Laura Lang.
Caine was a veteran Time Inc. man with 23 years at the company — he had been the group publisher of the style and entertainment group and played key roles in the launch of People Stylewatch, among others. Most recently, he had been the face of Time Inc.’s next-generation group buy program, Amplify. After former ceo Jack Griffin was ousted, Caine was considered a front-runner to fill his place, and, again, when Lang said she wouldn’t see the company through its public offering, he was mentioned by insiders and industry observers as a likely successor. His exit likely anticipates the departures of other key publishers as the company moves toward the spin-off. Lang said in an internal memo she is looking at candidates to succeed Caine, and until the position is filled, his deputies will report to her. Time Inc. had no comment.
This story first appeared in the March 20, 2013 issue of WWD. Subscribe Today.