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updated: 8/5/2013 1:45 PM

Time Inc. names new CFO

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Associated Press

NEW YORK -- Time Inc. has named Jeffrey Bairstow as its new chief financial officer.

The magazine publisher said Monday that Bairstow succeeds Howard Averill, who is transitioning into a new role as Executive Vice President and Chief Financial Officer of Time Warner. Bairstow is president of the newspaper chain Digital First Media. It owns chains such as the San Jose Mercury News and the Denver Post.

Time Warner announced earlier this year that it would spin off its magazine unit into its own publicly traded company. The company owns magazines such as Time, Sports Illustrated and Real Simple.

The company says Bairstow's knowledge of the digital transformation of media and his financial expertise make him the ideal choice to help guide Time through its transition to a public company

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