To Our Readers

By Gerald M. Levin Chairman and CEO Time Warner Inc.

Careful readers of our masthead in this issue will notice a small typographical change that in fact signals a major one in Time Inc.'s publishing leadership: the title of CEO moves from chairman Reg Brack to president Don Logan.

Time Inc. is America's largest magazine publisher and one of its largest book publishers, a vital and fast-growing part of Time Warner Inc. around the world. Brack assumed the CEO post for magazines in 1986 and for all of Time Inc. in 1990, and under his energetic leadership, the number of magazines we publish has increased from eight to 24, and revenues rose from $2.1 billion to $3.3 billion last year. He presided over the first successful launch of a weekly magazine in the U.S. in two decades, ENTERTAINMENT WEEKLY. His record speaks for itself, and he passes the baton far out front: Time Inc.'s earnings from continuing operations for the quarter just ended were at an all-time high.

One of the best things Brack did was bring Don Logan, then the CEO of our Southern Progress subsidiary in Alabama, to New York as president and chief operating officer of Time Inc. in 1992. A mathematician by training, the burly, soft-spoken Logan quickly proved a decisive and imaginative partner as the two men together set about positioning Time Inc. for future growth in both print and multimedia in the electronic age.

I am also happy to have Brack liberated from day-to-day decisions to do more for me and Time Inc. of what he does so well: represent us forcefully and eloquently in a wide variety of public arenas. A winner earlier this year of the magazine industry's highest honor, the Henry Johnson Fisher Award, Brack is the board chairman of the National Urban League, chairman of the Advertising Council and past chairman of the Magazine Publishers of America. He has maintained Time Inc.'s leadership and performance through a period of momentous change, and he has put the company on a steady course for the future. Don Logan has my mandate to build on these impressive accomplishments as the new CEO, clearly the right man in the right place at the right time.