Time Inc (TIME.N), the publisher of Sports Illustrated, People and Time magazines, said Chief Financial Officer Jeff Bairstow will leave the company after a three-year stint and would be succeeded by Senior Vice-President Sue D'Emic.
Bairstow, 57, will remain in the role till Nov. 7 and will stay on in an advisory role till March next year, the company said on Tuesday.
Time had appointed Rich Battista as its chief executive last month, succeeding Joe Ripp.
The latest management shuffle comes nearly two months after activist investor Jana Partners revealed a 5 percent stake in the company.
Time, like many publishers has been hit by a fall in print ad sales as advertisers spend more on other media.
The company's print ad revenue which accounts for 70 percent of ad sales, fell 12.8 percent to $299 million in the last quarter, from a year earlier.
Up to Monday's close, shares of Time had fallen 15.4 percent this year.
(Reporting by Laharee Chatterjee; Editing by Shounak Dasgupta)