×
You will be redirected back to your article in seconds

Ripp ropes top of TW’s finance tower

CFO's empire expands

NEW YORK — Time Warner is set to promote the chief financial officer of Time Inc., Joseph A. Ripp, to become CFO of the whole company, a slot being vacated by Richard Bressler, the entertainment conglom said Tuesday.

Bressler was named chairman/CEO of Time Warner Digital Media earlier this month. In this newly created post, he will develop a companywide digital strategy. Ripp will take over from Bressler on July 15.

Ripp, 47, had been CFO of Time Inc. since 1994 and had worked in various financial capacities for the publishing division since 1985. In a prepared statement, Time Warner chairman Gerald Levin and president Richard Parsons credited Ripp with helping make “possible the extraordinary growth of our publishing operations” in recent years.

Steady growth

Time Inc.’s cash flow grew 60% from 1994 to 1998 to $687 million, according to Lehman Bros. analyst Larry Petrella, while its revenue grew only 30% over the same period. (Cash flow is earnings before interest, taxes, depreciation and amortization, although Time Warner last year switched to a slightly different measure of performance.)

“Revenues have been weak, but they have delivered very good results despite postage increases and paper price increases,” Petrella noted, adding that it was difficult to say how much of the credit Ripp deserves for the strong performance.

“Joe has been an integral part of our very small management team that has made the strategic decisions at Time Inc. about new businesses, how to improve profit margins and to manage our costs,” said Time Inc. CEO Don Logan.

In an interview Ripp said, “We were able to find lots of ways at Time Inc. that drove value,” including looking at costs and launching new products such as In Style magazine.

Given Time Warner’s collection of assets, Ripp said he expected to find ways to deliver more value as well as continue Bressler’s work of “focusing on costs and capital deployment.”

Street silent

Still, reaction was muted on Wall Street, where Ripp isn’t known. But several Wall Streeters noted that Bressler, another internal appointee to the CFO position, was also unknown in the financial community when he took over in 1995.

Yet Bressler impressed many investors and analysts with his performance as CFO. He is credited with playing a major role in the overhaul of Time Warner’s financial management, which helped trigger a dramatic stock market rally in TW stock.

Time Warner stock rose 62¢ to $68.56 Tuesday.

In his new role, Ripp will not be solely responsible for dealing with Wall Street; Bressler is expected to maintain some dealings with the Street as he explains Time Warner’s digital strategies, while Time Warner VP of investor relations Joan Sumner is also expected to assume a bigger role. TW president Richard Parsons also plays a role communicating with investors.

Ripp graduated with an MBA from City U. of New York in 1978. He worked on the Time Inc. account at accounting firm Ernst and Whinney from 1975 until joining Time Inc.

More Biz

  • IWC Schaffhausen store opening, Rodeo Drive,

    8 Luxury Gifts That Industry Leaders Are Spending Their Paychecks On

    Whether you’re celebrating a new launch, a new business venture, or toasting to the end of another successful year, here are eight gift ideas to reward yourself — and to impress the company you keep. 1. Saint Laurent Perforated Leather Tote Bag If you work in the industry, you need a good bag, and you’ve [...]

  • best airlines ranked inflight entertainment

    Holiday Travel Survey Reveals Airlines With Best In-Flight Entertainment

    There are many ways to pass the time if you’re in the air, but for most people, settling in with a glass of wine and a movie is the preferred way to fly. But not all airlines share the same script when it comes to entertainment offerings. A new survey from the website, CableTV.com, ranked [...]

  • Ventana Sur Rocks with Sales, Mass

    Ventana Sur Rocks with Sales, Mass Attendance, Structural Growth

    BUENOS AIRES — Celebrating its 10th anniversary with a huge hike in attendance to over 4,000 accredited delegates, the 2018 Ventana Sur will go down in history on multiple counts: Sales and pick-ups on movies which combined social comment and entertainment value, increasingly the new foreign-language movie standard; new sections, led by a Proyecta co-production [...]

  • Jennifer Lawrence Harvey Weinstein

    Jennifer Lawrence Denies Harvey Weinstein's Claim in Latest Assault Lawsuit

    Harvey Weinstein was hit with a lawsuit Friday from an actress who claims he forcibly performed oral sex on her, repeatedly masturbated in front of her, and threatened to harm her career if she objected. The suit details that Weinstein claimed he was trying to help her and that he was the gateway to her dreams. [...]

  • Times Up Hollywood

    Time's Up Entertainment Announces New Industry Mentoring Initiative

    Time’s Up Entertainment, an affiliate of the Time’s Up coalition of women across industries working to improve workplace safety, has announced the “Who’s in the Room” industry mentoring initiative. The program’s goal is to increase the presence of people of color from diverse backgrounds in the entertainment industry’s executive ranks. Funded by a $500,000 grant from [...]

  • Tom Cruise as Ethan Hunt in

    Paramount Inks Deal for Theme Park in South Korea

    Paramount Pictures has announced a deal to install a studio-branded theme park in an entertainment resort being developed in South Korea. The agreement was struck between Paramount and Mohegan Gaming & Entertainment, which owns the Inspire Integrated Entertainment Resort in the South Korean city of Incheon. Mohegan has invested KRW 2.8 trillion ($2.4 billion) in [...]

  • Davan Maharaj Mel Gibson

    L.A. Times Publisher's Lawyer Was Accused of Extorting Mel Gibson

    The attorney who negotiated a $2.5 million exit package for L.A. Times publisher Davan Maharaj was previously accused of using secret recordings to extort actor Mel Gibson. Surreptitious recordings also figure in the Maharaj case. NPR reported on Wednesday that Maharaj taped Tronc chairman Michael Ferro. According to the report, Ferro was heard on the [...]

More From Our Brands

Access exclusive content