Here are just a few of the interesting executive changes making headlines over this past week:
E*TRADE Exchanges One CEO for Another
Online brokerage E*TRADE announced an abrupt departure for CEO Paul Idzik in a major reorganization of the business. Trading has slowed and debt has increased at the company in recent months, and the board decided to oust Idzik after three years and promote general counsel Karl Roessner to his spot. Roessner had held the legal post at E*TRADE for seven years. Of probably equal importance is the appointment of Michael Curcio as chief brokerage officer. Curcio is a former E*TRADE employee who returns after the company’s concurrent acquisition of rival broker Aperture New Holdings, where he was CEO.
Time Inc. Turns the Page to New CEO
Another quick CEO exit was in the works at magazine publisher Time Inc. Joseph Ripp stepped down as chief exec after two years but retained his chairman title. EVP Richard Battista replaces Ripp after only a year with the company, though his experience in the media industry dates back over a decade, with stops at Mandalay Sports Entertainment, Fox Broadcasting, and Gemstar-TV Guide. The company hopes Battista is the person who can alleviate Time’s troubles as it struggles with changing from a print to digital format. Ripp is also said to be dealing with health issues as he cuts back on his corporate duties.
Weight Watchers Trims Away Its Top Exec
And still another hasty egress has been reported, this time at Weight Watchers. President and CEO Jim Chambers, on the job for three years, will be vacating his position at the international weight reduction service by the end of the month. The company has seen several years of losses in terms of revenue and membership, only briefly interrupted by Oprah Winfrey’s purchase of a sizeable portion of the business and taking a seat on the board last year. A triumvirate led by CFO Nicholas Hotchkin is being installed to take charge of Weight Watchers on an interim basis until a new CEO is hired.
Look for more Executives on the Move next week!
John Willis has been an editor at Hoover’s/Dun & Bradstreet for more than two decades. He mainly polishes up others’ writing but occasionally adds, then edits, his own words in Executive on the Move blog posts.