Time Names New CEO

Time Inc. said Tuesday it named Rich Battista as its chief executive officer, effective immediately. Battista replaces Joe Ripp, who will continue as executive chairman. Battista was most recently CEO of Mandalay Sports Media, and previously held management roles at Fox Television and and was CEO of Gemstar-TV Guide. Time's stock, which was inactive in premarket trade, had lost 13% over the past three months, while the S&P 500 has gained 3.9%.