Time Warner Inc Chairman/CEO Jeff Bewkes today announced two appointments. Time Inc CFO Howard Averill becomes the parent company’s next CFO, succeeding John Martin who’s becoming CEO of Turner Broadcasting System Inc. And veteran exec Joseph A Ripp will become the CEO of Time Inc, exiting as CEO of One Source Information Services in September to succeed Time Inc CEO Laura Lang who had advised Time Warner that she did not want to continue in the role following the spin-off. In March, Time Warner announced plans for the legal and structural separation of Time Inc from Time Warner to be an independent publicly traded company.

“Howard has been an exemplary leader and a stabilizing force at Time Inc through a period of tremendous change. His financial acumen, sound jUdgment and broad understanding of our businesses will be an asset to Time Warner’s management team and our company. Howard brings a great blend of integrity, effectiveness and an understated collegial style to his new role.” Averill also serves on the Investment Committee for Time Warner’s U.S. Retirement Plans. Prior to joining Time Inc in 2007, Averill was EVP/CFO at NBC Universal Television for 10 years and held posts at ITT/ Sheraton, Pepsi-Cola, and Arthur Andersen & Co.

Ripp began his media career at Time Inc in 1985 and held several executive level positions there and at Time Warner over the course of nearly 20 years. Bewkes said: “We have great confidence that Joe will maximize Time Inc.’ s iconic brands, scale and industry-leading position  to create value for its stockholders.” Ripp first joined Time Inc as Assistant Comptroller and was elevated to SVP, CFO and Treasurer of Time Inc in 1993, then served as EVP and CFO of Time Warner Inc from 1999 to 2001 when he became CFO of America Online. In 2002, Ripp was named Vice Chairman of AOL until he left the company in 2004 and held top exec posts at Dendrite International, Journal Register Co, Cannondale Investments, and in 2012 OneSource Information Services.

About Time Inc CEO Laura Lang, Bewkes said: “I want to again thank Laura for her professionalism and for her contributions to the company that have positioned Time Inc well for this next phase in its history.”