Friday, October 31, 2008

Throw out your 5-year plans, says Time Inc. CEO, it's 1931

Time Inc.’s decision to reorganize and cut 600 jobs had nothing to do with digital competition and was 100% to do with the economic mess, according to CEO Ann Moore. According to a report in Folio: She used her ABC Circulation Conference keynote address in New York City as an opportunity to explain that drastic action was based on drastic circumstances (that she and her management team did not remotely anticipate, by the way).
"We really believed we could make the 2008 goals. Our biggest and oldest brands had double-digit growth in 2007...By this October it was looking like 1931. [Time Inc.] has never had so many advertising clients in trouble at the same time. The declines are stunning."
Her advice to publishers? “[T]hrow out your neat little five year plans and adopt a two-year one."

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