'Money' Lays Off Managing Editor in Reorg

The Time Inc. layoffs are starting, and they're starting at the top: Money just laid off its managing editor, Eric Schurenberg. "I've seen better days," said Schurenberg when I reached him by phone. "The first salvo of this restructuring is now public, and the salvo hit me right in the chest." He'll stay on until Thanksgiving.

Here's the memo from Time Inc. editor in chief John Huey.

Date: Thu, 6 Nov 2008 15:01:31 -0500

Conversation: Announcement from John Huey

Subject: Announcement from John Huey

November 6, 2008

To: Time Inc. Employees

From: John Huey

Re: Staff Announcement

As part of the sweeping changes our company is undergoing, I am sorry to report that a long-time colleague, Eric Schurenberg, Managing Editor of Money Magazine, is leaving Time Inc.

A fixture of Time Inc.'s business and investing coverage for more than two decades, Eric joined the company as a reporter working for Time Life Books. He worked at a full range of Time Inc. titles including Life, Fortune and Business 2.0; he even spent a year outside Time Inc. launching Goldman Sachs' website for investors, until he realized he was unhappy as anything but a journalist. Still, he spent most of his Time Inc. career where he ended it--at Money. As a writer at Money, Eric won a Gerald Loeb award for Excellence in Business Journalism for his investigation of AARP and a National Magazine award for Personal Service (on how to handle the last market crash). And as the magazine's Managing Editor, Eric has taken home our own Henry Luce Award for Personal Service three years running.

The advertising climate has been difficult for business and finance magazines in recent years, but Eric has held up the readers' side of the bargain with great success. He came into Money as ME with a vision for a friendly, accessible personal finance magazine that was both informative and a lively read--and he delivered on all counts. The redesign he oversaw in 2005 was highly successful; Min Magazine named it the "Magazine Reinvention of the Year." And he is leaving Money at five-year highs in reader satisfaction and definite renewal intentions.

Eric's passion for the subject, vision for the magazine and care for his readers have been reflected in every story he has touched. He has also been a friend and mentor to countless Time Inc. journalists who will miss his daily presence in our corridors.

We will be naming a successor to Eric early next week, but he has agreed to stay on until after Thanksgiving to close the current issue. I sincerely thank Eric for the hard work and creativity he brought to our company. Please join me in wishing him well.

J.H.