Top Sales Exec Bolts Time Inc. for Radio, Raising Specter of Talent Drain
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Paul Caine, the chief revenue officer at Time Inc. as well as an exec VP and president-advertising, is leaving the company to become CEO at the radio syndicator Dial Global, effective April 5. A successor has not yet been identified.
The departure of Mr. Caine, a 23-year company veteran whose previous posts included publisher of People magazine and president of the style and entertainment group, comes two weeks after Time Inc. parent Time Warner said it will spin the publishing division off into a separate company.
Time Inc. CEO Laura Lang is not staying on after the separation is completed later this year, leaving the company with a lame-duck chief executive until a successor can be installed. Mr. Caine is just one executive in a company still well-stocked with talent, even after laying off 500 employees in January. But his exit now emphasizes the possibility that key players will depart as the company enters a new, uncertain stage.
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