Time Inc. won’t replace Kim Kelleher as publisher of Time magazine, which is experiencing a rough 2012, with ad pages down double digits, and has lacked a leader on the business side for nearly three months.

Instead, it announced Wednesday it’s putting in place a new leadership structure where Jed Hartman, the worldwide publisher of Fortune and CNNMoney, will be the group publisher of the news and business divisions, which includes the weekly magazine.

Hartman, whose appointment takes effect immediately, will be responsible for ad sales and marketing for Time, Fortune, Money, and each of their respective digital arms.

Under the new structure, each magazine will have a vice president of sales. At Fortune, for instance, that is the new title for Money publisher Brendan Ripp, who’d been talked about as a possible Kelleher replacement.

Time Inc. is still looking to fill the vp positions at Time and Money, a spokeswoman said.

Kelleher, a former Sports Illustrated Group publisher who was widely seen as a star at Time Inc., surprised the executive ranks by leaving the magazine in July for digital outfit Say Media, which owns Web site XOJane.com, among others. Though she’d worked to expand the brand, relaunching the supplement Time Style & Design, for instance, Time’s ad outlook has looked grim throughout the year, experiencing a slide of almost 19 percent through October 8, according to Media Industry Newsletter.

The print editions of Money and Fortune have also experienced slight declines, according to MIN, but in the appointment memo Time Inc. credits Hartman with growing the franchise’ footprint — he launched Fortune’s iPad app, for example — and their conference business.

“He will undoubtedly help us optimize the tremendous power of the Time brand domestically and internationally,” said Todd Larsen, head of the sports and news group, and, in effect, Hartman’s new boss.
The restructure follows a larger recent shake-up of Time Inc.’s management team. Larsen, the former president of Dow Jones, was himself appointed to head the group only two weeks ago. And at the same time, David Geither, brother to Treasure Secretary Tim, was named head of the style and entertainment group.

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