Howard Averill Named Chief Financial Officer of Time Inc.

Today Time Inc. Chairman and CEO Ann Moore announced Howard Averill as Chief Financial Officer. Averill will begin his new position as of June 6, 2007.

In this role, Averill will oversee all of Time Inc.’s financial functions, including budgeting and forecasting, financial reporting, cash management, internal audit, tax, as well as Time Inc.’s information technology department.

Most recently Averill served as Executive Vice President and CFO of NBC Television Group. He originally joined NBC Universal in 1997 and served in a variety of CFO roles in New York and Los Angeles including positions with MSNBC, NBC News, NBC West Coast and NBC Universal Television Group.

Moore explained, “Howard’s multi-media experience is critical as Time Inc. continues its digital transformation. His financial background in television and online, will enhance Time Inc.’s own expansion into a multi-media content company, reaching consumers on every platform.”

Previous to NBC, Averill was an executive at ITT/Sheraton Corporation in New York and also held positions with Pepsi-Cola and Arthur Andersen & Co where he earned his CPA.

Averill, holds a B.A. in Economics from the University of Vermont and an M.B.A. from the University of North Carolina-Chapel Hill.