Jeff Bewkes, chairman and chief executive officer of Time Warner Inc. (NYSE:TWX) announced the appointment of Howard Averill as the new chief financial officer (CFO) of the company effective January 1, 2014.

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Howard Averill to take over John Martin’s responsibilities

Averill will take over the responsibilities of John Martin, who will become the chief executive officer of Turner Broadcasting System, a subsidiary of Time Warner Inc. (NYSE:TWX).

In a statement, Bewkes said, “Howard has been an exemplary leader and a stabilizing force at Time Inc. through a period of tremendous change. 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 is the current CFO of Time Inc, the magazine division of the company. He is responsible in the supervising the financial functions and strategies including all accounting, budgeting, reporting and tax activities of the company. He is also responsible in the information technology, production, and fulfillment operations of Time Inc globally. In addition, Averill oversees the consumer marketing businesses of the company.

In 2011, Averill a member of the three-member executive that led Time Inc for 10 months. He is a member of the investment committee at Time Warner Inc. (NYSE:TWX)’s U.S. Retirment Plans.

“It’s been a great privilege to work alongside many talented colleagues at Time Inc., who have accomplished so much during an eventful time in media. I am grateful to Jeff Bewkes and John Martin for giving me the opportunity to grow personally and professionally in that role, and I’m excited and look forward to joining Time Warner’s management team,” said Averill.

Time Warner appoints Joseph Ripp as CEO for Time

Time Warner Inc. (NYSE:TWX) also named Joseph Ripp as CEO of Time Inc effective September. He was a former top executive of the company and currently the CEO of OneSource Information Services Inc.

In March, Time Warner Inc. (NYSE:TWX) announced its plan to spin off its magazine business unit as an independent public company by the end of 2013. Time Inc is the publisher of some of the most successful magazines in the U.S. including Time, Fortune, and People.

Commenting on the appointment of Ripp, Bewkes said, “Joe is a seasoned executive who has been immersed in the intersection of digital, advertising and publishing for the past decade. He is respected as a strategic leader who has delivered financial results throughout his career, and he also happens to have a thorough understanding of Time Inc.’s business. We have great confidence that Joe will maximize Time Inc.’s iconic brands, scale and industry-leading position to create value for its stockholders.”

Ripp said that he plans to re-ignite the spark of Time Inc. In an interview with Reuters, he said, “Millions of companies across the U.S. would die for the assets that Time Inc has.”