As Time Inc. prepares to separate its publishing concern from the rest of the company, hundreds of layoffs at all levels of the corporation have been announced.
The New York Post has reported that upwards of 500 of its 7,800 employees are being laid off. From high-ranking executives on down, the cuts are largely targeted at the recently acquired American Express Publishing.
American Express Publishing was bought up only last October, but, as reported, “many of its production and business operations are redundant now that it is part of Time Inc.,” so many of its employees are likely to be let go.
Two of the highly placed executives leaving the company are American Express Publishing CEO Ed Kelly, a 25-year veteran of the company, and Time Inc. executive vice president David Geithner, brother of former Obama Treasury Secretary Timothy Geithner.
This is the second round of large scale layoffs, the first coming about this time last year.