Hasta La Creative!

Joe Ripp’s tenure as chief executive of Time Inc. ended Monday, but he will still be well-compensated by the company through the end of September 2018, until his “retirement date.”

Mr. Ripp will stay with the company “to facilitate the transition of his duties, and to allow the company to have continued access to his knowledge, leadership, and experience,” according to an SEC filing. (He will also serve as a board member, and executive chairman of the board, until the next shareholders meeting “or such later date as the parties mutually agree.”)

For his services, Mr. Ripp will continue to receive his base salary, which for 2016 is $1,130,000, as of the end of March 2016. This year, next year, and for part of 2018, the veteran media executive will get an annual bonus, which will be decided by the board but can’t be less than $1,420,000.

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