BREAKING NEWS & VIEWS
Paul Caine Leaves Time Inc. for Dial Global
Tuesday, March 19, 2013
Paul Caine, who as Time Inc. group president/chief revenue officer (since Sept. 2012) made him a favorite to become CEO once the publishing unit's spinoff from Time Warner was completed, resigned this morning (March 19) to become CEO of audio-content syndicator Dial Global.
The news was a surprise, because Caine had been on the Time Inc. fast track for much of his 23-year career. Over the past decade, he rose from publisher of Teen People, Entertainment Weekly and the People flagship (where, in 2006, he launched People StyleWatch) to Style & Entertainment Group president in October 2007.
That Caine was subsequently elevated to executive VP/chief revenue officer (Dec. 2010) and the aforementioned group president/CRO meant that he was a favorite of the last three Time Inc. CEOs: Ann Moore (2002-2010), Jack Griffin (2010-2011) and Laura Lang, who became a lame duck with the March 6 spinoff announcement.
Dial Global, where Caine starts on April 5, owns and produces/syndicates a slew of radio programming. Best known are the nationwide National Football League broadcasts that culminate with the Super Bowl. His mission will be to build the brand with integrated packages (his strength) and expand audio into mobile and other platforms.
Further, Caine will have to build a company where the stock price had dropped from roughly $2.50 to 22 cents per share over the past year.
He reports to board chairman Neal Schore and assumes the responsibilities of outgoing CEO Spencer Brown. President Ken Williams is also leaving.
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