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updated: 7/22/2013 11:36 AM

Time Warner names former exec as CEO of spinoff

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Associated Press

NEW YORK -- Time Warner has named one of its former executives as the new CEO of its magazine spinoff.

The New York company said Monday that Joseph Ripp will serve as CEO of Time Inc. Ripp is currently CEO of business information services company OneSource Information Services. He spent almost 20 years with Time and Time Warner, including serving as Time Warner's chief financial officer.

Ripp will succeed Time CEO Laura Lang, who told Time Warner she didn't want to continue in the position after the spinoff.

Time Warner Inc. announced in March that it was spinning off its magazine unit into a separate company.

Ripp will take on his post as Time CEO in September.

Shares of Time Warner added 59 cents to $62.36 in midday trading.

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