Newsweek is reorganizing its ranks under U.S. editor in chief Jim Impoco.

London-based editor Richard Addis is out, as the IBT Media-owned publication has shifted its reporting structure. Newsweek’s London-based staff will now report to Impoco, who is based in the company’s New York offices. Addis, a former editor of Canada’s Globe and Mail and London’s Daily Express, oversaw Newsweek’s coverage of Europe, the Middle East and Africa. Those regions, in addition to Asia, will now fall under Impoco’s direction.

A spokeswoman from IBT said that the change in reporting structure does not signify the closure of global editions, contrary to media reports.

“There will still be a print and digital EMEA edition of Newsweek and a London-based Europe editor will soon be named,” she said. “The edition of the magazine will continue to have an emphasis on producing local and global stories under the new structure.”

The new London editor will report to Impoco, and there will be a continued emphasis on global stories, despite the structural changes, the company said.

Addis, who joined IBT 15 months earlier, was one of many known journalists hired at the magazine, which resurrected its print edition last year. Even though IBT has been able to grow the business, following a failed merger with the Daily Beast, the company has been looking for cost-saving measures. Insiders have pointed to the current reshuffle as indicative of that need to shore up dollars.

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