Time Warner has selected Time Inc. Chief Financial Officer Howard Averill to become the parent company’s CFO, succeeding the departing John Martin.

Averill will assume the new post at the start of next year, when Martin becomes CEO of Turner Broadcasting Systems.

Time Inc. will be spun off by Time Warner by the end of the year. Averill has worked at Time Inc. since 2007 and was formerly the CFO of NBC Universal Television.

“Howard has been an exemplary leader and a stabilizing force at Time Inc through a period of tremendous change,” said Time Warner Chairman and CEO Jeff Bewkes. “His financial acumen, sound judgment and broad understanding of our businesses will be an asset to Time Warner’s management team and our company. Howard brings a great blend of integrity, effectiveness and an understated collegial style to his new role.”

Averill oversees Time Inc.’s financial functions and strategies; has global responsibility for its information technology, production and fulfillment operations; and oversees Time Inc.’s consumer marketing businesses. For a 10-month period in 2011, he was part of a three-member executive team that led Time Inc.

Prior to joining Time Inc. in 2007, Averill was exec VP and CFO at NBC Universal Television for 10 years. He also held posts at ITT/ Sheraton, Pepsi-Cola, and Arthur Andersen & Co.